Singleton Forms L.A. News Empire
Over the last several months, W. Dean Singleton has single-handedly transformed the Southern California newspaper market.
Singleton’s Denver-based MediaNews Group signed deals to purchase both the Daily News of Los Angeles, based in Woodland Hills, and the Long Beach Press-Telegram adding them to his San Gabriel Valley Newspaper Group holding to create the Suburban Los Angeles Newspaper Group.
While the purchase price of the Daily News has not been disclosed, industry watchers speculate that the paper went for about $100 million in December.
In November, Singleton bought the Press-Telegram for $38.2 million, according to a federal Securities and Exchange Commission filing.
Singleton has repeatedly stated that he has no intention of going after either the readership or advertising base of the Los Angeles Times. However, the MediaNews papers now encircle the Times’ territory which means that they are well positioned to give the Times some sort of run for its money.