The Tampa Tribune is no more.
The rival Tampa Bay Times said on Tuesday that it has purchased the 121-year-old Tribune and shut it down, converting subscribers and advertisers to the Times. That makes the Times the fifth-largest Sunday newspaper in the country by circulation.
A purchase price was not specified, but TampaBay.com reported that Times ownership borrowed $13.3 million to finance the sale.
Locals saw this one coming. Few major metropolitan areas can support to daily newspapers anymore, and, with 2.8 million residents, Tampa-St. Petersburg is on the fringe of what you could call a major metropolitan area. The Times won a contract to print the Tribune in February, and experts said the writing was on the wall after that.
“The continued competition between the two newspapers was threatening to both,” said Times chairman and CEO Paul Tash, in a quote on Rick Edmonds’ blog at the Poynter Institute. “There are very few cities that are able to sustain more than one daily newspaper, and the Tampa Bay region is not among them.”
The two papers had long been able to make a go of it by targeting subscribers on either side of Tampa Bay, and at one time were considered two of the fiercest rivals in the newspaper industry. However, the collapse of business models brought about by the Internet has had both papers playing defense for the past decade.
The Tribune published continuously from 1895 until this week. Long owned by Media General, it was sold to an investment capital group in 2012 for $9.5 million. That company nearly doubled its money when it sold the Tribune’s headquarters building last July for $17.75 million, but the Tribune can hardly be considered a winning investment. The owners had reportedly borrowed more than $37 million over the last two years.
The Tribune employed 265 full-time staff. Deep cuts are expected, with Times chairman and CEO Paul Tash saying at least 100 jobs will be lost. Beginning today, the Times began appearing on Tribune subscribers’ doorsteps and in newsstand racks. The Times said it will honor all the existing subscription and advertising contracts. The Times will continue to operate the Tribune’s tbo.com website after a temporary redirect to the Times’ tampabay.com. It will also continue several local operations owned by the Tribune under their existing names.
The Times is owned by the Poynter Institute, a nonprofit school and journalism think tank. Until 2012 the paper was called the St. Petersburg Times under a legal agreement that had given the Tribune temporary ownership of the Times name.
The Times claims daily readership of nearly 448,000 and Sunday readership of nearly 739,000. Actual circulation is about half that. The company’s media kit claims that its print and online properties reach 1.5 million people.
A team of Times reporters who formerly worked for the Tribune put together a nice retrospective here.
This entry was posted on Wednesday, May 4th, 2016 at 4:59 pm and is filed under Layoffs, Local news, Newspapers, R.I.P.. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.