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The San Diego Business Journal is reporting on its website that "Papa Doug" Manchester and the Union-Tribune have purchased the North County Times and Daily Californian. The rumor cropped up in the U-T newsroom last week but I could not confirm it. The rumor had been around before. The sales price was not disclosed, but the Business Journal says it was sold for five times cash flow, or between $8 million and $10 million. The Times's parent, Lee Enterprises, is a once-prosperous chain of mainly smaller newspapers that got itself into trouble by taking on bundles of debt to buy the St. Louis Post-Dispatch. Lee stock is up a penny to $1.50 this morning (Sept. 10). Last month, Warren Buffett's Berkshire-Hathaway increased its stake in Lee.
The San Diego Business Journal is reporting on its website that "Papa Doug" Manchester and the Union-Tribune have purchased the North County Times and Daily Californian. The rumor cropped up in the U-T newsroom last week but I could not confirm it. The rumor had been around before. The sales price was not disclosed, but the Business Journal says it was sold for five times cash flow, or between $8 million and $10 million. The Times's parent, Lee Enterprises, is a once-prosperous chain of mainly smaller newspapers that got itself into trouble by taking on bundles of debt to buy the St. Louis Post-Dispatch. Lee stock is up a penny to $1.50 this morning (Sept. 10). Last month, Warren Buffett's Berkshire-Hathaway increased its stake in Lee.