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San Diego Union Tribune

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

Originally Published 2 years ago — by NBC San Diego

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.

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

Originally Published 2 years ago — by Los Angeles Times

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.

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