TAMPA, Fla. (AP) — A private equity investment group has bought The Tampa Tribune newspaper from Media General Inc. for $9.5 million, the newspaper reported Monday.
The Tribune's longtime corporate owner, Virginia-based Media General Inc., is transferring ownership of the Tribune, its affiliated newspapers and TBO.com to the Los Angeles-based Revolution Capital Group. The investment group has formed a locally owned company, The Tampa Media Group, to run the paper.
"It's a bittersweet day for Media General to complete the sale of its last remaining newspaper group," Marshall N. Morton, Media General's president and chief executive officer, said in a news release. "We will miss our colleagues at The Tribune and its associated print and digital platforms, and we wish them the very best."
Media General owned The Tampa Tribune for 46 years.
According to the announcement, Media General will retain the NBC affiliate, WFLA, News Channel 8. However, the newspaper and the television operations will continue their news partnership.
Revolution Capital founder and managing partner Robert Loring was quoted in the Tribune as saying some investment funds might look at buying a newspaper as "contrarian," but the Tribune "checked many of the boxes we were looking for in terms of our criteria."