By: E&P Staff
The San Diego Union-Tribune is going on the auction block, its parent company The Copley Press announced this afternoon.
Copley has retained New York-based investment firm Evercore Partners 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,” Harold W. Fuson Jr., executive vice president of the privately held company, said in a statement.
“We have every reason to believe the business will rebound with the economy, but the uncertainties pose too great a risk to sit still.”
Copley sold its other properties in California and the Midwest in 2006 and 2007.
“The Union-Tribune’s combined newspapers and Web site readership is very strong, reflecting the central role its news coverage will continue to play in the life of our region,” Fuson said. “Home delivery subscribers are holding steady and constitute an indispensable resource for advertisers.”