Thursday, July 24, 2008
The San Diego-based publisher of The San Diego Union-Tribune is looking to sell the paper. KPBS Reporter Ed Joyce has more.
The Copley Press says it's hired an investment banker to explore strategic options for the company's future, including a potential sale of the Union-Tribune.
Harold Fuson Jr. Is the executive vice president of the company.
He says the last couple of years have been difficult for the newspaper industry.
Fuson says the company believes the business will rebound with the economy.
Copley Press has hired Evercore Partners, a New York-based investment banking firm to look at options for selling the newspaper.
Evercore represented Copley Press in the sale of newspapers it previously owned in Los Angeles and the Midwest. Those sales were completed in 2006 and 2007.
The Union-Tribune is the 21st largest U.S. daily newspaper in circulation.
It has more than 1000 employees at its Mission Valley location.
Copley Press was incorporated in Illinois in 1928, the same year it purchased San Diego's Union-Tribune Publishing Co.
Ed Joyce, KPBS News.