The San Diego Union-Tribune has been acquired by an affiliate of Alden Global Capital’s MediaNews Group in a sale by the Los Angeles Times.
Chris Argentieri, president and chief operating officer of the L.A. Times, confirmed the sale in a statement distributed to staff members and obtained by PvNew on Monday. The message included words from owner Patrick Soon-Shiong, who purchased both the Times and Union-Tribune from Tribune Publishing in 2018.
“The Union-Tribune is a great news organization with a long, distinguished history that I hope will continue to serve the San Diego community for generations to come,” said Soon-Shiong. “Our intention now is to focus on the ongoing work of transforming the L.A. Times into a self-sustaining institution. Our hometown of Los Angeles and the state of California – really, the West Coast – needs a strong, independent news organization. We believe in the L.A. Times and are committed to its future.”
A representative for the L.A. Times confirmed the sale to PvNew in a statement: “We formed the California Times in 2018 when the Soon-Shiong family purchased the Los Angeles Times and San Diego Union-Tribune from Tribune Publishing, and have made a good faith effort to rebuild and support both news organizations. We hope that this change now will position both the L.A. Times and San Diego Union-Tribune to succeed. For all of us who remain with the California Times, we will continue focusing on building a prosperous future for the Los Angeles Times.”
Founded in 1868, the Union-Tribune has been a San Diego staple for several decades. It has been acquired seven times through its history, with a series of deals coming in more rapid succession in recent years: Platinum Equity in 2009, followed by MLIM Holdings in 2011, U-T San Diego in 2012, Tribune Publishing Company in 2015, Soon-Shiong in 2018 and now by a company owned by Alden Global Capital and MediaNews Group. The acquisition by the paired N.Y. investment firm and Denver-based media company take San Diego Union-Tribune out from local ownership. The corporations own several dozen publications through the United States.
The sale of the San Diego Union-Tribune comes only weeks after the Los Angeles Times laid off 13% of its newsroom — a decision prompted by declining ad revenue and readership. The abrupt round of job eliminations “outraged” and “blindsided” the L.A. Times Guild, the union that represents staff members.
