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Medianews Group

All articles tagged with #medianews group

media2 years ago•1 min saved

San Diego Union-Tribune Sold to Hedge Fund, Staff Cuts Expected

The San Diego Union-Tribune has been sold to hedge fund Alden Global Capital's MediaNews Group, completing the transaction on Monday. The newspaper, which dates back to 1868, was previously owned by Tribune Publishing and sold along with the L.A. Times to Patrick Soon-Shiong in 2018. MediaNews Group, known for cost-cutting methods, owns over 100 newspapers and has faced criticism for staff reductions. The new ownership anticipates making staffing decisions to offset revenue slowdowns, seeking efficiencies while prioritizing local newsgathering.

via NBC San Diego|

#alden-global-capital #media #medianews-group

business2 years ago•3 min saved

San Diego Union-Tribune changes ownership multiple times in recent deal frenzy

Patrick Soon-Shiong and his family have sold the San Diego Union-Tribune to MediaNews Group, leaving the family with only the Los Angeles Times as their remaining news organization. The sale comes as the newspaper industry faces challenges from subscriber losses and advertising revenue shortfalls, exacerbated by the COVID-19 pandemic. MediaNews Group, owned by Alden Global Capital, announced staff reductions following the acquisition. The Soon-Shiong family remains committed to the Los Angeles Times and aims to transform it into a self-sustaining institution.

via Los Angeles Times|

#business #los-angeles-times #medianews-group

business2 years ago•2 min saved

San Diego Union-Tribune Changes Hands in Major Ownership Shift

Los Angeles billionaire Patrick Soon-Shiong has sold The San Diego Union-Tribune to an affiliate of the MediaNews Group, owned by Alden Global Capital. The sale comes as the Los Angeles Times, also owned by Soon-Shiong, has had to make deep cuts in its newsroom. The new owner has indicated that cutbacks will be necessary to offset revenue slowdowns in the media industry. Efforts will be made to find efficiencies while prioritizing local newsgathering. The Union-Tribune employs 220 people, and buyouts are being offered to staff. If a sufficient number of employees do not take buyouts, layoffs may occur.

via The San Diego Union-Tribune|

#alden-global-capital #business #medianews-group