Chicago-based Tribune Publishing Co., the parent of the Los Angeles Times, said it entered into agreement to buy U-T San Diego for $85 million in a cash-and-stock deal.
The deal calls for $73 million in cash, $12 million in Tribune Publishing stock, and the assumption of U-T San Diego’s pension liabilities by the new owner.
The Times also would get nine community weeklies but not any real estate assets.
San Diego real estate developer Doug Manchester reportedly paid $110 million four years ago for what was then called the San Diego Union-Tribune, a deal that included its Mission Valley headquarters, other real estate holdings and printing presses.
The sale to Tribune is expected to close in a month.
Tribune Chief Executive Jack Griffin said the purchase “represents another step forward in our strategy to leverage our publishing infrastructure, resources and management teams.”
The Times reported other potential acquisition targets in the Southern California region include the Orange County Register and the Los Angeles News Group.
Times Publisher Austin Beutner offered no comment on future plans.