SALT LAKE CITY — One of Utah's major newspapers is being sold.

Digital First Media announced Wednesday that the company has entered into a definitive agreement to sell the Salt Lake Tribune and its affiliates to Paul Huntsman, son of billionaire businessman and philanthropist Jon Huntsman Sr.

Terms of the transaction were not disclosed.

Paul Huntsman is the CEO of Huntsman Family Investments, a Salt Lake City-based private investment platform for the Huntsman family. He received an undergraduate degree from the University of Utah and a Master of Business Administration from the Wharton School at the University of Pennsylvania.

Huntsman Corp. is not affiliated with the transaction.

“We are honored to be stewards of the Salt Lake Tribune,” Paul Huntsman said. “It is important that the Salt Lake Tribune continues in its indispensable role for our community and to be locally owned. We hope to ensure the Tribune’s independent voice for future generations and are thrilled to own a business of this quality and stature.”

Digital First Media is the second largest newspaper company in the United States by circulation, serving an audience of more than 40 million monthly readers. The company’s portfolio includes 67 daily newspapers and 180 other publications.

In 2015, the Tribune had an average paid distribution of 74,000 printed newspapers daily — excluding Sunday. The Tribune also operates an online publication.

“We have great respect for Paul Huntsman and the Huntsman family,” said Steve Rossi, CEO of Digital First Media. “The Salt Lake Tribune will be in the hands of strong local management. We wish Paul Huntsman, the Huntsman family and our partners at the Deseret News the best.”

The Deseret News and the Salt Lake Tribune have a joint operating agreement and share printing, distribution and advertising services.

In Jon M. Huntsman Sr.'s book "Barefoot to Billionaire," published in 2014, he describes his son Paul as "handsome and dignified, although perhaps the shyest of the bunch. Born in 1969, Paul is the last one to speak, but when he does, his input is thoughtful and articulate, so simply expressed that everyone wonders why they didn’t think of that."

Paul Huntsman is also "determined, competitive and loyal — he would give you the shirt off his back," Huntsman Sr. wrote.

Paul Huntsman has runs many marathons, including one that took him up and down the mountains of Switzerland.

"As reserved as Paul is, it is ironic that he, like me, makes deals based on emotions and tries to avoid conflicts and calculations," the elder Huntsman said, describing his son's traits as a businessman.

Most recently, Paul Huntsman and brother David Huntsman teamed up for the development of Huntsman Springs in Driggs, Idaho. Huntsman Springs has won national acclaim as a top residential golf development.

"(Paul Huntsman is) naturally gifted in financial analysis, particularly where the industrial sector is involved. He was a quick study in our private equity business," the elder Huntsman wrote.

Related:

Kearns-Tribune, Deseret News ask judge to toss antitrust lawsuit

Kearns-Tribune and Deseret News Publishing Co. asked a federal judge Monday to throw out a lawsuit challenging the joint operating agreement between Salt Lake City's two daily newspapers.

Upon learning of the impending sale, Tribune editor and publisher Terry Orme said he was “happy” to know that local interests would guide the future of the newspaper.

“We’ve anticipated that something like this might happen,” Orme said. “We are big fans of local ownership and not being part of one of the country’s biggest chains of newspapers.”

He said having local owners who appreciate the value of the Tribune and will invest in it is a refreshing change.

“With a local owner like Paul Huntsman, it brings clarity and some stability, which is most welcome,” Orme said. “With stability, it gives (us) the opportunity to innovate online digitally, to be able to try some things, to improve some of our digital offerings and to reinvest in print.”

He said the newspaper has been in a “bunker mode” for the past three years, and the sale could allow the Tribune and its staff the chance to “get a little breather” from the constant worries of the past several years in the newspaper business.

“There is a muted optimism that this (deal) is a good thing,” Orme said.

Meanwhile, what impact the new purchase agreement will have on an ongoing antitrust lawsuit is still to be determined.

In June 2014, a group that included former Salt Lake Tribune staff members filed a lawsuit against the owners of the Salt Lake Tribune, Kearns-Tribune and the Deseret News Publishing Co., arguing that the revised joint operating agreement between the two papers violated antitrust laws and put the Tribune in danger of closing.

Lawyers for Kearns-Tribune contend that the plaintiffs are asking the court to second-guess the newspaper's business strategy. The Tribune gave up a percentage of declining print revenues for complete control of its digital products.

The Deseret News became the majority partner in exchange for other concessions, including the sale of real estate and printing presses to the Deseret News, and guarantees about the independence of both papers.

Attorneys want the lawsuit dismissed with prejudice, meaning Citizens for Two Voices could not file it again.

Earlier this month, Kearns-Tribune and Deseret News Publishing Co. asked a federal judge to throw out a lawsuit challenging the joint operating agreement between Salt Lake City's two daily newspapers.

Lawyers for the two companies argue that the Utah Newspaper Project, also known as Citizens for Two Voices, doesn't have legal standing to sue because it can't show any harm to its members.

Orme said he hopes the sale puts an end to the litigation, but that is a decision for others to make.

“It is a complicated negotiation that needs to happen between the parties (the Huntsman family) and Citizens for Two Voices,” he said. “One would hope that this (deal) would move beyond the (litigation) so that we could start focusing on the Salt Lake Tribune as a newsroom and producer of news product and less on the peripheral controversies.”

Attempts Wednesday by the Deseret News to contact Digital First Media were unsuccessful

Related topics