For sale: one newspaper, as-is
SAN DIEGO — July 24, 2008 — The Copley Press, Inc., the La Jolla-based publisher of The San Diego Union-Tribune, announced today it has engaged an investment banker to explore strategic options for the company’s future, including a potential sale.
“The last couple of years have been a difficult period for the newspaper industry, especially those in a real estate-dependent market like San Diego,” said Harold W. Fuson Jr., executive vice president of the closely held company. “We have every reason to believe the business will rebound with the economy, but the uncertainties pose too great a risk to sit still.”
Evercore Partners, a New York-based investment banking firm, has been engaged to examine options. Evercore represented Copley Press in the sale of newspapers it previously owned in Los Angeles and the Midwest. Those sales were completed in 2006 and 2007.
Despite the industry’s challenges, Fuson said, “the Union-Tribune’s combined newspaper and website readership is very strong, reflecting the central role its news coverage will continue to play in the life of our region. Home delivery subscribers are holding steady and constitute an indispensable resource for advertisers.”
I’ve got fourteen bucks. Anybody wanna go in with me on this?