Los Angeles Daily News Owner Digital First Media Looks For Buyers After Web Initiatives Founder

Do you read a newspaper?

Deadline

Digital First Media tapped some of the most prominent Internet evangelists to help it figure out how to make the transition from a publisher of declining traditional newspapers to a thriving online power. But it looks like it couldn’t crack the code: LosAngelesDailyNewsLOGOThe No. 2 (by circulation) newspaper company — whose properties include the Los Angeles Daily News, San Jose Mercury News, Denver Post,St. Paul Pioneer Press and the New Haven Register — hung up the “for sale” sign today. It says that it hired UBS Securities and law firm Hughes Hubbard & Reed to help the board “evaluate and consider strategic alternatives for the Company’s business.”

“The news information industry in America is undergoing a period of seismic change, defined by the need to consolidate to rapidly compete in a digital world,” CEO John Paton says. “The companies that will succeed are those which have meaningful scale and digital expertise.”…

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