Tribune Publishing to acquire San Diego Union-Tribune for $85m
Chicago-based Tribune Publishing has announced its plans to buy the San Diego-Union Tribune along with nine community weeklies and digital properties in the area for $85m.
The company also owns the Los Angeles Times, Chicago Tribune, and The Baltimore Sun.
As part of the acquisition, Tribune Publishing is forming the California News Group to oversee operations in Los Angeles and San Diego.
Austin Beutner, publisher and CEO of the Los Angeles Times Media Group, will take on the same role at the San Diego U-T.
Jack Griffin, CEO of Tribune Publishing, said: “The acquisition of San Diego Union-Tribune and its related community properties is expected to be accretive to Tribune Publishing and reflects our continuing drive to create value for our shareholders. This represents another step forward in our strategy to leverage our publishing infrastructure, resources and management teams.”
The deal is expected to close in the second quarter of 2015. It will be the company’s fourth acquisition.
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