BEVERLY HILLS, CA – May 4, 2009 – Platinum Equity announced today that it has completed the acquisition of San Diego’s leading daily newspaper, The San Diego Union-Tribune, from The Copley Press Inc. The transaction was previously announced on March 18.
Platinum also announced the appointment of Paul Bridwell as the Union-Tribune’s Chief Restructuring Officer. Pending the appointment of a permanent publisher, Mr. Bridwell will be the senior executive at the newspaper, responsible for day-to-day operations and long-term strategic planning.
Louis Samson, the Platinum Equity principal who led the acquisition, said the Union-Tribune is at an important crossroads in terms of re-inventing itself in a declining market while preserving the vital role it plays as one of San Diego’s most important institutions.
“The newspaper industry is under enormous pressure to redefine itself and stem the loss of readers and advertisers,” Mr. Samson said. “The Union-Tribune is not immune from those pressures. But we are certain it can succeed with Platinum’s operational support and guidance.”
Platinum Equity specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets. Mr. Bridwell is an experienced turnaround specialist who has served in senior executive positions in several Platinum Equity companies. He said his top priority in the near term would be to improve the newspaper’s financial performance while working with senior management on a long-term plan to grow the business.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.