Hotelier Doug Manchester bought the San Diego Union-Tribune on Thursday, returning the paper to local ownership in a sale that would appear to turn a big profit for a private equity firm that bought it two years ago.
In a brief interview, Manchester said he paid “above” $110 million for the newspaper. “The asking price was a lot higher than that,” he said. The price is more than double what the Wall Street Journal said Platinum Equity bought the paper for in 2009.
Manchester, a prominent conservative downtown hotelier who insists on being called “Papa Doug,” takes the reins as owner; John Lynch, a former radio executive, will become the president and CEO of the newspaper company. Manchester declined other comment, saying the parties in the sale had agreed to stay silent until the deal was finalized between Nov. 30 and Dec. 15.