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The San Diego Union-Tribune is for sale - but, with the newspaper industry in a fine pickle, it is difficult to imagine who would be willing to snap it up.
“Given the devastation and uncertainty in the industry, it is unlikely that a public company would make a large purchase right now, as they would have their head handed to them,” Lauren Rich Fine, a retired Merrill Lynch newspaper analyst who teaches at Kent State University, is quoted as saying in The Voice of San Diego.
While financial info is difficult to come by for the newspaper, because it is privately owned, it is not likely to be negotiating from a position of strength. ”It defies all reason to want to sell the newspaper now, unless they believe that things are only going to get worse from here,” said Alan Mutter, a media analyst and former newspaper executive.
The Copley Press announced last week that it had hired an investment banker to pursue a possible sale. The San Diego Union-Tribune is the country’s 21st-largest newspaper.
Outsell estimates that Copley Press made $350 million in revenue in 2007, with a profit margin in the 10 to 15 percent range. If so, the paper’s price might be between $200 million and $300 million.
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