San Diego Union-Tribune sold to hedge fund Alden Global Capital; ‘reductions' coming
The Los Angeles Times has sold the San Diego Union-Tribune to an affiliate of MediaNews Group, according to a memo sent to staff Monday.
The letter from Times president Chris Argentieri states the transaction was completed as of Monday afternoon, with the hedge fund Alden Global Capital's MediaNews Group purchase San Diego's long-running newspaper.
"We hope that this change now will position both the L.A. Times and San Diego Union-Tribune to succeed," the memo states.
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L.A. Times owner Patrick Soon-Shiong was quoted in the letter saying, "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."
The San Diego Union-Tribune dates back to 1868. It was bought by Tribune Publishing in 2015 and sold along with the L.A. Times to Soon-Shiong in 2018.
MediaNews Group, which owns more than 100 newspapers across the country, has been criticized in journalism circles for cost-cutting methods that have included staff reductions in its papers' newsrooms.
A memo sent to Union-Tribune employees Monday stated, in part, "No different than the changes announced at the Los Angeles Times last month, the U-T will also need to make some difficult staffing decisions as we assume management. Reductions will be necessary to offset the slowdown in revenues as economic headwinds continue to impact the media industry. We will seek efficiencies in business operations, distribution and production while striving to support and prioritize the robust, local newsgathering needed to serve the communities that rely on the Union-Tribune for excellence in journalism."
Source: NBC San Diego
