Tribune Publishing Co. recently announced that it has completed the acquisition of MLIM LLC, owner of the San Diego Union-Tribune, as well as nine community weeklies and related digital properties in San Diego County. The purchase price was $85 million plus the assumption of obligations for a single-employer pension plan. At closing, Tribune Publishing paid $71 million in cash, after working capital adjustments, and issued $12 million in Tribune Publishing common stock.
According to Tribune Publishing, the San Diego Union-Tribune has garnered four Pulitzer Prizes and has a 146-year history of providing daily news and information in San Diego, the second-largest city in California and the eighth largest in the United States. In conjunction with the acquisition and expansion, Tribune Publishing formed the California News Group to oversee operations in Los Angeles and San Diego.