Jun 23, 2009

Some Union-Tribune real estate up for sale

The new owners of the San Diego Union-Tribune have put two of the newspaper's buildings on the market, the VoiceofSandiego.org reports. Platinum Equity, which paid just over $50 million earlier this year for all of the Union-Tribune's real estate holdings, has listed an abandoned property in La Jolla and a building in Carlsbad that houses the paper's North County newsroom for a combined $9.1 million.

VofSD said the listing prices are a good deal more than what Platinum paid Copley News when it bought the paper in March.

All of which seems to confirm what Ken Doctor at Content Bridges said shortly after the sale was announced, that the deal was all about the real estate:
Hard as it may be to believe, we may have entered a new rocky period for newspaper companies. It would be a period in which the real estate on which they sit determines their market value. Consequently, their real estate value may determine who wants to sell the newspaper property and who wants to buy it -- to get at the real estate.


Anonymous said...

I for one can't wait to see how little eddie ruins that newspaper as he has in his past assignments at other papers.

Can some of you who have the misfortune to work under him please keep us informed about his brilliant strategic leadership decisions...especially on the revenue front.

I wonder how quick the newsroom will be cut too.

Anonymous said...

Copley already destroyed it. Now he is going to sell the pieces.