I don’t know the folks at Platinum equity at all, but they have an excellent track record. They are also not known as people with pictures of kitties and frolicking children adorning their conference room walls. My most likely translation of the following from the article announcing the sale:
SAN DIEGO — The parent company of The San Diego Union-Tribune announced Wednesday that it has reached an agreement to sell the newspaper to the Beverly Hills private equity firm Platinum Equity for an undisclosed price.
..is that it is as likely that the sellers wrote a check to the buyers as the other way around.
Dan Zehr reported that Platinum also visited the Statesman, but that’s not an asset that seemed distressed enough to fit their model. This will be fascinating to watch, and certainly not a bad thing for San Diego relative to the alternative.
Still, the LA Times stated the obvious:
Though most employees seemed relieved, one longtime reporter said surprises could still be in the forecast: “One kind of uncertainty is over, and a new kind of uncertainty begins.”