The Times’ reporting positions were largely spared but the production staff was scaled back. Times announced last month that it was cutting 74 positions because of financial difficulties.
The paper’s new sports section will have a magazine-style format with in-depth profiles, investigations, analysis and opinion columns. Times announced that it will no longer carry game coverage, box scores or listings in its print newspaper. Ryan said the firm would be offering buyouts “in an effort for staff reductions to be voluntary.”Īlso on Monday, the New York Times announced that it was disbanding its well-regarded sports department, and leaving the bulk of coverage to its digital site, the Athletic. Reductions will be necessary to offset the slowdown in revenues as economic headwinds continue to impact the media industry.” “The U-T will also need to make some difficult staffing decisions as we assume management. “Despite impressive news reporting and a hardworking staff, the U-T has not been immune to these pressures,” Ryan wrote. Ryan cited “substantial revenue pressures brought on by big tech aggregators who redistribute our original content for their own profit” for the challenges facing the newspaper industry. Two years ago, Tribune sold its operations, including the Chicago Tribune, to Alden for $633 million.Īlden already owns more than 70 dailies across the country, including the Orange County Register, Long Beach Press-Telegram and Los Angeles Daily News. In the five years since the purchase, the newspaper industry has become more fraught because of subscriber losses and shortfalls in advertising revenue that intensified during the COVID-19 pandemic. The family “made a good faith effort to rebuild and support both news organizations,” Soon-Shiong said in a statement. While Soon-Shiong’s primary interest was in the Times, he pledged support for both newsrooms. Soon-Shiong and his family spent $500 million in June 2018 to buy the Times and the Union-Tribune from Chicago-based Tribune Publishing after a decade of turmoil and dramatic cuts to the Times. “This valued acquisition enables MediaNews Group to advance its stewardship in California as the largest provider of news and information across the state as we continue our commitment to ensure newspapers remain viable well into the future,” Sharon Ryan, executive vice president of the California MediaNews Group, said in the memo. MediaNews Group separately announced its purchase to the San Diego newsroom, and immediately warned that staff reductions were coming. The company did not disclose a purchase price. LOS ANGELES – Patrick Soon-Shiong and his family have sold the San Diego Union-Tribune to competing publisher MediaNews Group, slimming down the family’s holdings to just one news organization – the Los Angeles Times.Ĭalifornia Times President and Chief Operating Officer Chris Argentieri announced the sale of the Times’ sister publication to an affiliate of the Denver-based MediaNews Group, which is owned by controversial New York hedge fund Alden Global Capital.
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