Platinum Equity Founder, Chairman and CEO is Tom Gores (pictured). Much easier on the eyes than Zell. Much.
Anyway, the family owned San Diego Union-Tribune is now the property of a Beverly Hills investment firm. The purchase has now been finalized.
In the statement, Paul Bridwell [new Union-Tribune's chief restructuring officer] said his immediate priorities would be to improve the newspaper’s financial performance and to work with senior management to develop a long-term plan for growth.
The deal brings to a close more than 80 years of San Diego newspaper ownership by the Copley family of La Jolla. Former Union-Tribune parent The Copley Press Inc. had been seeking a buyer for the paper since July amid a nationwide decline in newspaper advertising.
Platinum has not publicly spelled out its plans for the Union-Tribune.
But we won’t be shocked if it’s layoffs. Layoffs are how fixers fix newspapers. We’re just guessing.
Now we’re going to have “Why oh why! Delilah!” in our head all day.