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.
Comments
Top Stories
Latest DT's
-
1 month ago by Geno -
1 month ago by dallaseste
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
2 months ago by dallaseste
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.