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Canadian Newspaper Company Looking at Union-Tribune; Would Take Advantage of Strong "Loonie"

Black Press Ltd., which produces newspapers in Alberta and British Columbia, Canada, sent its bean counters and press experts to look at the Union-Tribune Friday (Aug. 22). An executive with broad experience in buying and selling media properties led the trip through the Mission Valley building. The visit lasted most of the day. Black Press is owned by David Holmes Black, who is not related to media baron Conrad Black, who was sentenced to prison last year for mail and wire fraud and obstruction of justice. Black Press owns more than 150 papers, mostly in Canada, but including the Akron Beacon Journal, a former Knight Ridder paper that was sold to McClatchy, then sold to Black two years ago. Black also owns the Honolulu Star-Bulletin. Copley Press announced it was for sale in late July. A foreign buyer makes sense because of the weak U.S. dollar. The Canadian dollar, called the "loonie," dropped to below 62 cents to the U.S. dollar in January of 2002. Then, as Canada prospered because of agriculture, oil, and other commodities such as gold, the loonie soared to parity with the U.S. dollar in September of last year, and actually inched slightly ahead of the dollar that same month. It is now worth 95.51 U.S. cents. Canadian banks are poring over the books of depressed U.S. banks with acquisition in mind.

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Black Press Ltd., which produces newspapers in Alberta and British Columbia, Canada, sent its bean counters and press experts to look at the Union-Tribune Friday (Aug. 22). An executive with broad experience in buying and selling media properties led the trip through the Mission Valley building. The visit lasted most of the day. Black Press is owned by David Holmes Black, who is not related to media baron Conrad Black, who was sentenced to prison last year for mail and wire fraud and obstruction of justice. Black Press owns more than 150 papers, mostly in Canada, but including the Akron Beacon Journal, a former Knight Ridder paper that was sold to McClatchy, then sold to Black two years ago. Black also owns the Honolulu Star-Bulletin. Copley Press announced it was for sale in late July. A foreign buyer makes sense because of the weak U.S. dollar. The Canadian dollar, called the "loonie," dropped to below 62 cents to the U.S. dollar in January of 2002. Then, as Canada prospered because of agriculture, oil, and other commodities such as gold, the loonie soared to parity with the U.S. dollar in September of last year, and actually inched slightly ahead of the dollar that same month. It is now worth 95.51 U.S. cents. Canadian banks are poring over the books of depressed U.S. banks with acquisition in mind.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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