Nothing about this morning's announcement that the Tampa Tribune has been sold to a private-equity firm is that surprising. When parent owner Media General sold off most of its other newspaper properties except the Tribune to investor Warren Buffett earlier this year, officials said the Trib was definitely on the block.
The question was never whether the Trib would be sold off. The question has been its ability to survive as the smaller paper in a two-paper community. In other words, could it stay afloat and continue to publish daily?
That's been answered in the affirmative, for now.
The paper was purchased by the Tampa Media Company, a recently formed company created by the Los Angeles-based Revolution Capital Group for $9.5 million. In a press release, Robert Loring, the founder and managing partner of the company, said, “We are delighted to be the new owner of The Tampa Tribune, a newspaper with strong brand equity and a long history of serving its readers, advertisers and community exceedingly well. We believe strongly in the value of local content.”