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Platinum Equity Completes Sale of San Diego Union-Tribune(December 05, 2011)
LOS ANGELES, CA and SAN DIEGO, CA -- (Marketwire) -- 12/05/11 -- Platinum Equity announced today it has completed the sale of The San Diego Union-Tribune to MLIM LLC, owned by San Diego entrepreneur Doug Manchester.
Terms of the agreement were not disclosed.
"We are grateful to have been part of the San Diego community and appreciate all the support we received in our time here," said Tom Gores, Platinum Equity Chairman and CEO. "Many people contributed to the transformation of this business and helped the Union-Tribune manage through some really tough times. From employees to readers to community partners, everyone pitched in and played an important role."
Platinum acquired The San Diego Union-Tribune from the Copley Press in May 2009. Under Platinum's ownership the Union-Tribune brought in new management, unified and expanded its print and online offerings, modernized its production technology, and reaffirmed its position as the leading local media company in the region.
"I'm proud to say we did what we set out to do," added Platinum Equity's Louis Samson, whose team led the Union-Tribune acquisition. "Thanks to a lot of hard work by a group of very talented people, the Union-Tribune is a healthy, diversified media business that is well-prepared for the future."
Platinum also worked closely with the Union-Tribune to build and strengthen connections with the San Diego community.
"They never lost sight of the important role the Union-Tribune plays in serving the people that live here," said Jim Nelson, Executive Director of AVID, a college readiness system founded in San Diego that serves largely minority and low-income students. "They forged powerful relationships with several San Diego groups involved with education, journalism and literacy. The legacy of those relationships will last well beyond their time as owners of the Union-Tribune."
Platinum and the Union-Tribune partnered with and are providing financial support to the AVID Center, San Diego State University's School of Journalism & Media Studies, Junior Achievement, the Classroom of the Future Foundation and KPBS.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 125 acquisitions.
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