Tampa Tribune bought by crosstown rival, the Tampa Bay Times, promptly shuttered
The buyer, the Times Publishing Company, owned by The Poynter Institute for Media Studies, which also operates PolitiFact.com, will now deliver the Times to Tribune subscribers
The Tampa Bay Times on Tuesday announced that it had purchased The Tampa Tribune from Revolution Capital Group and would immediately close down its rival, and smaller, competitor.
The Tribune reported that at least 100 of the 265 staff members at the Tribune will be losing their jobs.
“The continued competition between the newspapers was threatening to both,” Times CEO Paul Tash said in a statement. “There are very few cities that are able to sustain more than one daily newspaper, and the Tampa Bay region is not among them.”
Tribune readers will now begin receiving the Tampa Bay Times beginning on Wednesday.
The paper had been founded in 1893, and published daily since 1895. But in 2012 MediGeneral sold the paper to Los Angeles based private equity firm Revolution Capital Group for $9.5 million, which proved profitable when the investment company sold the paper’s headquarters for considerably more just last year.
The paper’s circulation is around 200K on Sunday, but far less on weekdays, excluding its branded editions. Its circulation has fallen by a third on Sunday over the past week, half during the week.
Its competitor, and the company that has acquired and shutdown the Tribune, the Tampa Bay Times, has a Sunday circulation of 367,936 and 215,096, and bills itself as Florida’s largest daily newspaper. The McClatchy owned Miami Herald has a Sunday circ of 232,982, and a weekday circ of 171,215, and has seen its readership fall tremendously in the past decade.