Tribune Publishing to Buy U-T San Diego for $85 Million
Tribune Publishing, the publisher of the Los Angeles Times, said on Thursday that it has agreed to buy U-T San Diego for $85 million.
The step will deepen the holds of the publishing house in Southern California and will also put the top newspapers in the state's two largest cities under common ownership.
Tribune Publishing, owner of the Times, Chicago Tribune, Baltimore Sun and other publications, said the U-T would remain a separate newspaper. Executives as of now are examining how operations can be consolidated.
Austin Beutner, the Times' publisher and chief executive, said, "We're combining two of the most enduring institutions in California. We can take the best of what each newsroom can offer, and offer it to a broader customer base".
Douglas Manchester, a prominent San Diego developer, who bought the U-T in 2011 for about $110 million, will keep the U-T's headquarters in the city's Mission Valley area.
Beutner will be publisher of both the papers and he will also be the chief executive of Tribune Publishing's California news Group, which will oversee operations in both markets.
The U-T said Jeff Light, its president and editor would remain with the San Diego paper.
It has been known that Manchester insisted his employees to call him 'Papa Doug'. He even used his foray into newspaper publishing to put forward trumpet conservative political views.
One of his first moves includes giving U-T a new slogan, 'The World's Greatest Country & America's Finest City'.
Manchester in U-T said that it has been important to him to speak out positively on a local, national and international level particularly in denouncing Christian genocide and other oppression throughout the world.
Manchester will receive $73 million cash and $12 million in Tribune Publishing stock, the papers said.
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