In an interview with voiceofsandiego, Manchester said he paid above $110 million for the newspaper which he reportedly said was less than the asking price. Manchester initially purchased the newspaper and its real estate holdings in 2011. Today it's a thinner margin and it gets thinner every day."
You take it over knowing it isn't nearly as profitable as it might have been 20 or 50 years ago. "Here's the difference: The ownership today does not promise lucrative returns. "We find ourselves returning to where we were a century ago when a handful of wealthy owners controlled big influential newspapers," Tompkins said. In 2013, Amazon founder and CEO Jeff Bezos bought The Washington Post for $250 million and Boston Red Sox owner John Henry bought the Boston Globe for $70 million. The move follows one of two trends in media ownership: big companies getting bigger and wealthy investors taking on newspapers as philanthropic endeavors, said Al Tompkins, a senior faculty member at the Poynter Institute.
newspapers, including the Chicago Tribune, Baltimore Sun and New York Daily News. He owns more than a quarter of shares in Chicago-based Tronc, the company formerly known as Tribune Publishing. Forbes put his current wealth at $7.8 billion. He made the bulk of his fortune selling two of the drug companies that he founded for a total of nearly $9 billion a decade ago. Follow crime, weather, tourism, education, sports and community. Soon-Shiong, who is currently working on a cure for cancer, is said by Forbes to be the nation's richest doctor. Read todays latest news and headlines from San Luis Opispo and Californias Central Coast.
Journalists at the LA Times voted last month to unionize for the first time in the paper's 136-year history. The LA Times' top editor was replaced last week for the third time in six months and Publisher Ross Levinsohn is on unpaid leave after revelations he was a defendant in two sexual harassment lawsuits at other companies. The company immediately announced the elimination of 178 positions, many from the UT’s printing and delivery divisions.Įmployees at the company’s Los Angeles printing facility handle those duties for San Diego County customers. purchased the only daily print newspaper in San Diego from real estate developer Douglas Manchester for $85 million in May 2015. The sale happens amid turmoil at both papers, which have suffered through years of cutbacks and a revolving door of leadership in top positions. Promote your specialty or home improvement services with a classified listing in The San Diego Union-Tribune and on their website. Chula Vista Garbage Strike Enters Fourth Week, Republic Services to Collect Trash Monday For this holiday, we asked members of The San Diego Union-Tribune Community Voices Project the following question: With the power of the COVID-19 vaccine and.
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