Doug Manchester, the chairman of the Manchester Financial Group, bought The Union-Tribune from Platinum Equity, a private equity firm that acquired it in 2009 from its long-time owners, Copley Press, a family-controlled company.
In a brief interview with voiceofsandiego.org, Mr. Manchester, an outspoken supporter of conservative causes, confirmed the approximate price, adding that “the asking price was a lot higher than that.” He declined to comment further, saying the parties in the sale had agreed to stay silent until the deal was completed between Nov. 30 and Dec. 15.
The Union-Tribune, like many American newspapers, has suffered from the economic downturn and the defection of readers and advertisers to the Web. The paper has a weekday circulation of nearly 220,000 and a weekend circulation of nearly 300,000, according to recent reports from the Audit Bureau of Circulations.
In a statement, Mr. Manchester said: “Taking ownership of a 143-year-old Pulitzer Prize-winning news organization comes with great responsibility. 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.”
The Manchester Financial Group, its Web site says, has a range of investments including two of the largest hotels in the United States: the Manchester Grand Hyatt San Diego and the San Diego Marriott Hotel and Marina. Mr. Manchester’s hotels were the target of a boycott in 2008 over his $125,000 donation to support a ballot initiative in California to prohibit same-sex marriage in the state.
A statement issued by The Union-Tribune did not disclose the terms of the agreement, saying that the company would not comment on the sale until the ownership transfer was complete. Representatives from Platinum Equity also declined to comment. A Wall Street Journal article in July said the private equity firm paid “a nominal amount, of less than $50 million,” when it bought the paper in 2009.
In its statement, The Union-Tribune highlighted the steps Platinum had taken to improve the newspaper’s operations, including hiring Ed Moss as publisher and president, lowering advertising rates for small businesses, increasing local news coverage in San Diego communities and starting Vida Latina San Diego, a Spanish-language entertainment magazine.
Mr. Manchester explained that his opposition to same-sex marriage at the time of the ballot initiative was a matter of faith: “This really is a free-speech, First Amendment issue. While I respect everyone’s choice of partner, my Catholic faith and longtime affiliation with the Catholic Church leads me to believe that marriage should be between a man and a woman.”
Article source: http://feeds.nytimes.com/click.phdo?i=759f26664bc4b53b6ac8f907e75f3d6d
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