But he gets to keep the building and the land of hte U-T’s head quarter. How much is that worth? It’s a huge prime real estate. Is it worth $35M? He’s also seeking to build 200 luxury apartments there. So, maybe that was his plan all along, since RE is what he’s good at.
[quote=AN]But he gets to keep the building and the land of hte U-T’s head quarter. How much is that worth? It’s a huge prime real estate. Is it worth $35M? He’s also seeking to build 200 luxury apartments there. So, maybe that was his plan all along, since RE is what he’s good at.[/quote]
You’re right AN. When he bought, everybody said it was for real estate. He did pretty well. He’s getting $73 million cash and $12 million in Tribune shares, though the value of the shares might drop.
Newspapers keep on dropping in value. I’ve converted my 85yo dad to reading the news online. That says something about the print business.
I guess all those antiquated “printing presses” on Camino De La Reina are now obsolete. (I went on a tour of the bldg many years ago and it was fascinating.)
Before the Internet, people used to read UT for the real estate ads, the classified, TV listing, and entertainment insert. That was it.
Doug Manchester did buy the NC Times for $12 million and merged it into the UT. He also bought other weeklys. So maybe he did only ok, or got his money back.
A large real estate development in Mission Valley could be very profitable.
[quote=svelte]If you want to start picking it down to the finer points, then you also have to factor in what that $110M would have earned elsewhere in 4 years…
He sure didn’t make any money, and it certainly looks like he lost money to me![/quote]
He probably bought a tract home in Carmel Valley or Encinitas.I hear they are pretty expensive these days.
Considering that his whole purpose in buying the paper was to pimp a new stadium from which he would directly benefit, the fact that he’s selling now leads me to believe that he thinks the Chargers are headed to Carson.
The sucky part about Qualcomm Stadium is regardless of whether the Chargers stay or not, it’s not going to be the same as it was before….For folks that use their parking lots for driving events…..
Let’s hope that any new stadium is mired in the EIS and permitting process for 20 years! Generally, sportsball stadia lose money for cities. Why should San Diego support a welfare queen of a football team? If the Chargers want to pick up stakes and leave, good riddance. Who needs ’em? Hope the door hits them in their steroid-bloated posteriors.
Not as if tourists will stop coming and people will stop moving to SD because of lack of a modern-day bloodsport.
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