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San Diego newspaper gets new hedge fund owners, buyouts planned

The skyline of San Diego, California. (Photo via Wikimedia Commons)
The skyline of San Diego, California. (Photo via Wikimedia Commons)

The owner of the Los Angeles Times has sold its Borderland newspaper, the San Diego Union-Tribune, to a penny-pinching hedge fund known for cutting staff and resources.

On Tuesday, Patrick Soo-Shiong announced a deal to sell the Union-Tribune to Alden Global Capital, the operator of MediaNews Group, putting the newspaper under common ownership with the Oakland Tribune, the San Jose Mercury-News and the Denver Post.

Nearly immediately after the deal was announced, employees of the Union-Tribune received an email warning of staff reductions that were “necessary to offset the slowdown in revenues as economic headwinds continue to impact the media industry.”

The reduction will see the Union-Tribune offering buyouts to some staff, though layoffs could also be coming down the line.

The Union-Tribune currently has a little over 100 staffers working on the paper, down from its peak of 400 nearly two decades ago. Tribune Publishing acquired the Union-Tribune in 2015, only to sell the paper three years later.

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About the Author:

Matthew Keys

Matthew Keys is a nationally-recognized, award-winning journalist who has covered the business of media, technology, radio and television for more than 11 years. He is the publisher of The Desk and contributes to Know Techie, Digital Content Next and StreamTV Insider. He previously worked for Thomson Reuters, the Walt Disney Company, McNaughton Newspapers and Tribune Broadcasting.
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