By Elizabeth Aguilera / SignOnSanDiego / November 17, 2011
The owner of The San Diego Union-Tribune announced Thursday it has signed an agreement of sale for the 143-year-old newspaper to MLIM, LLC, owned by local entrepreneur Doug Manchester. He is joined by longtime media executive John Lynch, who serves as President and CEO of MLIM.
The terms of the agreement are confidential and the deal is expected to close by Dec. 15.
Manchester is well-known for his hotel and commercial property development in the county. Lynch is a founder of the Broadcast Company of America and has a long history of owning radio stations.
“I couldn’t be more excited to work with Doug Manchester and John Lynch to build on our success and grow the company further. Both Doug and John are very successful local entrepreneurs, significant philanthropists and connected to the community. There is nothing but growth for us,” said Union-Tribune Publisher Ed Moss.
Platinum Equity purchased the company in May 2009 and has led the media organization through critical changes that have resulted in circulation growth, increased advertising revenue and creation of new digital and print products.
Manchester and Lynch plan to build on those successes.
“We look forward to building on the foundation that has been established by current management and ownership, serving the community and working towards a fully integrated digital and print news media platform,” Manchester said in a statement.
Moss said the agreement is a direct result of the “significant accomplishments we have had over the last two and a half years.”
“Platinum Equity has been a tremendous steward of this company,” Moss said. “They have given us tremendous operational support, invested in the company in technology and equipment and encouraged us in our efforts to be true entrepreneurs in the way we approach business. That support along with the top-notch talent throughout our company has led us to industry leading performance.”