Revolution Capital Group announced today the acquisition of the Tampa Tribune and its associated print and digital media products from Media General, Inc. (NYSE: MEG) for $9.5 million. Assets include The Tampa Tribune, TBO.com, Hernando Today, Highlands Today and the paper’s 260,000 square foot headquarters in Downtown Tampa among others. Revolution will operate the businesses through the recently formed Tampa Media Group, Inc. Peter J. Solomon Company acted as the financial advisor to Medial General on the transaction.
Revolution’s Founder and Managing Partner, Robert Loring Jr., stated, “We are committed to the long-term success of the Tribune and we intend to uphold its great traditions, while implementing new ideas along the way. Most of all, we want to continue to provide and improve upon the unique and in-depth local media content available to the Tampa community.”
“The Tampa Tribune has been serving Florida and the Tampa area for over a century. We are excited to be a part of the community, and we are proud to be associated with The Tampa Tribune and its long vibrant history in this area. We see the Tribune’s employees as the most important asset here, and we recognize that success can only be achieved by leveraging their talents,” said Cyrus Nikou, Founding Partner at Revolution.
Founded in 1884 and headquartered in Tampa, FL, The Tampa Tribune is a daily newspaper published in Tampa, Florida. The paper's tagline is "Life. Printed Daily." The Tribune has been Tampa’s hometown newspaper since 1895, and many Tribune employees have decades of service with the company. The Tampa Tribune has a circulation of approximately 154,000 daily (408,000 readers), with 257,000 (644,000 readers) on Sundays. The newspaper won a Pulitzer Prize in 1966 for local investigative specialized reporting. The Tribune’s local offshoots, Hernando Today and Highlands Today are located in Brooksville and Sebring, respectively. TBO.com was one of the first local media internet websites when it launched in 1994, and it attracts more than 14 million page views per month.
World Media Enterprises, a Berkshire Hathaway company, previously acquired all other newspaper assets from Media General in May of 2012. The Tampa Tribune was Media General’s largest and second oldest newspaper before the Revolution and Berkshire Hathaway acquisitions.
Revolution’s deal team included Aman Bajaj, Rick Bigelow, Gary Alcock and TJ Montemer. Aman Bajaj will lead the financial team while Rick Bigelow will head the operations of Tampa Media Group for Revolution. Dykema Gossett served as counsel for Revolution.
For more information about Revolution Capital Group visit: www.revolutionpe.com