May 22--Tribune Publishing has completed its $85 million acquisition of the U-T San Diego newspaper, the company announced Thursday.
At closing, Tribune Publishing paid $71 million in cash after working capital adjustments and issued $12 million in common stock for the 146-year-old flagship newspaper, nine community weeklies and related websites. Tribune Publishing also will assume pension obligations.
There were no real estate assets included in the deal.
The seller, San Diego real estate developer Doug Manchester, purchased the newspaper for a reported $110 million in November 2011.
Austin Beutner, publisher and CEO of the Los Angeles Times, will assume the same role with U-T San Diego and the newly formed California News Group.
In addition to the San Diego acquisition, Chicago-based Tribune Publishing includes the Chicago Tribune, Los Angeles Times and eight other daily newspapers. The company spun off from Tribune Media in August.
rchannick@tribpub.com
