Paul Huntsman, head of the private equity fund Huntsman Family Investments, is buying The Salt Lake Tribune from Digital First Media, the paper announced last week. Huntsman is the brother of former Utah governor and presidential candidate Jon Huntsman Jr. and son of industrialist and philanthropist Jon M. Huntsman. The sale price of the daily newspaper was not disclosed.
Paul Huntsman, head of the private equity fund Huntsman Family Investments, is buying The Salt Lake Tribune from Digital First Media, the paper announced last week. Huntsman is the brother of former Utah governor and presidential candidate Jon Huntsman Jr. and son of industrialist and philanthropist Jon M. Huntsman. The sale price of the daily newspaper was not disclosed.
Huntsman Family Investments is the private investment platform for the Huntsman family. Headquartered in Salt Lake City, the firm seeks to make direct, long-term investments in diversified industries around the globe, according to a statement. Paul Huntsman has managed and served on the boards of directors of multiple global businesses throughout the United States, Asia and Australia. He received his B.A. from the University of Utah and his MBA from the Wharton School at the University of Pennsylvania.
“It is important that The Salt Lake Tribune continues in its indispensable role for our community and to be locally owned,” Huntsman said in a statement. “We hope to ensure the Tribune’s independent voice for future generations and are thrilled to own a business of this quality and stature.”
Steve Rossi, CEO of Digital First Media, said in a statement he had “great respect for Paul Huntsman and the Huntsman family.”
“The Salt Lake Tribune will be in the hands of strong local management,” Rossi said. “We wish Paul Huntsman, the Huntsman family and our partners at the Deseret News the best.”
The news came as a surprise to the staff of The Salt Lake Tribune, which met in a “hastily convened” meeting in the newsroom last Wednesday morning, according to unnamed Tribune employees. Huntsman told media representatives there had been 18 months of negotiations.
Digital First Media has been looking to sell some of its smaller titles, concentrating its strategy on its bigger markets, such as the ones in northern and southern California and in Denver, according to previous media reports.
Headquartered in downtown Salt Lake City, The Salt Lake Tribune has operated since 1871 and covers local and national news, entertainment, sports and weather for the state of Utah. In 2015, the Tribune had an average paid distribution of 74,000 printed newspapers daily (excluding Sunday), making it the highest-distributed daily newspaper in Utah.
“We are honored to be stewards of The Salt Lake Tribune,” said Huntsman. “Over the last 18 months, it has been a pleasure to work with Digital First Media to construct a transaction that would secure the long-term viability of The Salt Lake Tribune. This has been the key focus for all parties. We acknowledge the invaluable assistance of Dean Singleton, former publisher of The Salt Lake Tribune, and Jay Shelledy, former editor of The Salt Lake Tribune, and thank them for their continuing counsel and support in this transaction.”
