Revolution Capital Group on Tuesday said it has purchased the Tampa Tribune and its affiliated print and online publications for $9.5 million.
This is the first newspaper buy for the three-year-old Century City private equity investment firm. Its portfolio includes a San Diego manufacturer of medical uniforms and a Valencia-based social networking company that serves the financial community.
Revolution bought the media company from longtime owner Media General of Richmond, Va.. The private equity firm said it will invest in improving the publications, which will now be known as Tampa Media Group. The Tribune, which was founded in 1884, has a circulation of about 154,000 during the week, and 257,000 on Sundays.
“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,” Robert Loring Jr., a Revolution founder and managing partner, said in a statement.
In meetings with employees on Monday, Revolution did not say whether there would be layoffs among Tampa Media’s 618 employees, according to a report in the Tampa Bay Times, which is the dominant newspaper in that market.