Developer Buys San Diego Union-Tribune for $110 Million

Developer Buys San Diego Union-Tribune for $110
Million
A little under three years ago, the San Diego Union-Tribune was sold at a bargain price of $35 million by its longtime owner who was struggling with debt. He should have hung on a little longer. Thursday, Platinum Equity sold the newspaper for more than three times what it paid for it. Doug Machester, a well-known Southern California developer, announced he was paying $110 million for the 143 year-old paper, vowing to reinvigorate the San Diego institution.
The announcement means that the Union-Tribune will once again be locally owned, and, given Manchester's impressive track record, is much more likely to survive in the struggling economy even as many of its readers ditch subscriptions for digital news sources. Mancheser's company, MLIM, believes it can expand the paper's website and related digital content to offset its continued loss of subscribers.
Manchester grew up in Coronado and earned his degree in finance at San Diego State University. He is among the region's most successful developers, and has built some of Southern California's most prominent hotels. Thanks to his ultra-conservative political views, however, he is also among the more controversial figures in recent San Diego history.
A little under three years ago, the San Diego Union-Tribune was sold at a bargain price of $35 million by its longtime owner who was struggling with debt. He should have hung on a little longer. Thursday, Platinum Equity sold the newspaper for more than three times what it paid for it. Doug Machester, a well-known Southern California developer, announced he was paying $110 million for the 143 year-old paper, vowing to reinvigorate the San Diego institution.
The announcement means that the Union-Tribune will once again be locally owned, and, given Manchester's impressive track record, is much more likely to survive in the struggling economy even as many of its readers ditch subscriptions for digital news sources. Mancheser's company, MLIM, believes it can expand the paper's website and related digital content to offset its continued loss of subscribers.
Manchester grew up in Coronado and earned his degree in finance at San Diego State University. He is among the region's most successful developers, and has built some of Southern California's most prominent hotels. Thanks to his ultra-conservative political views, however, he is also among the more controversial figures in recent San Diego history.
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