The mergers-and-acquisition fund controlled by Tom Gores has sold The San Diego Union-Tribune to real estate entrepreneur Doug Manchester's MLIM, LLC, the companies announced on Thursday.
“Taking ownership of a 143-year-old Pulitzer Prize-winning news organization comes with great responsibility," Manchester said in a statement. "We believe San Diego is the finest city in America and pledge to be strong advocates for the city’s interests and conscientious caretakers of the Union-Tribune and its legacy."
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Terms of the deal between Gores' Platinum Equity and MLIM were not disclosed, but the sale of the newspaper is expected to close on Dec. 15.
In an interview with Voice of San Diego, Manchester said he paid more than $110 million for the newspaper. Presumably, the sale includes the paper's real estate holdings, amounting to some 13 acres in Mission Valley
Platinum acquired The San Diego Union-Tribune from the Copley Press in May 2009. According to reports, with Thursday's sale, Platinum has more than doubled its investment.
In a statement announcing the sale, Platinum claims it has increased circulation and ad revenues.
Veteran radio station executive John Lynch serves as MLIM's president and CEO.