Black reported involved in San Diego sale

Beacon Journal publisher Davjd Black is involved in Platinum Equity which has agreed to purchase the San Diego Union-DTribune, according to a story in Editor & Publisher.

After sitting on the auction block the newspzper has finally found a buyer in the Beverly Hill, Calif.-based private equity firm Platinum Equity which has agreed to purchase the daily from The Copley Press. The terms of the transaction were not disclosed. The San Diego Union-Tribune first reported the sale.

In a written statement to the U-T, Harold W. Fuson Jr., an executive vice president at Copley said, "This is a vital business with a long tradition of public service and a pre-eminent position in one of America's finest media markets. At this important juncture, we believe Platinum Equity is the right partner for the Union-Tribune, its employees and the San Diego community."

Black, the head of Black Press, which operates newspapers in Candada and Honolulu/. as well as the Beacon, is said to be involved with Platinum Equity, reports the U-T's Thomas Kupper.

Also in a written statement, Louis Samson with Platinum Equity, said: "The Union-Tribune is more than a business. It's an institution in San Diego. But it faces enormous challenge in a period of tremendous upheaval for the newspaper industry. We will bring a strong operational focus that helps ensure the Union-Tribune not only survives in this market, but thrives."

Several other parties were reportedly interested in the paper, including the Tribune Co., MediaNews Group, and the Yucaipa Companies.

The deal is expected to close in the second quarter.

Union-Tribune Editor Karin Winner broke the news of the newspaper's sale to the newsroom around 11 a.m. today. "She looked delighted," said one newsroom staffer.

"[Winner's] first words were 'This is terrific news,'" said the staffer....

When asked whether she will be staying on as editor, Winner said: "I don't know." She also said she was not made privy to the final sale price.