For Sale: San Diego Newspaper
Thursday, July 24, 2008
The Copley Press says it's hired an investment banker to explore a potential sale of the Union-Tribune.
The paper is the 21st largest U.S. daily newspaper in circulation and has more than 1,000 employees.
Drew Schlosberg with Copley Press says the company has hired Evercore Partners, a New York-based investment banking firm to look at options for selling the newspaper.
Schlosberg: We're going to wait until we get the recommendations back from our investment group and we'll take it from there. But we're going to continue to put out the best product and products we can and find creative ways to build our audience and our revenue.Evercore represented Copley Press in the sale of newspapers it previously owned in Los Angeles, Illinois and Ohio.
Like many major metropolitan dailies, the U-T has struggled with dropping readership and a decline in advertising revenue.
Part of the reason is the rise of the Internet.
Earlier this year the Union-Tribune cut 10 percent of its work force.
And last month Copley Press sold its wire/syndication service to a Los Angeles company.
Ed Joyce, KPBS News.
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