Thursday, April 26, 2012

Brugmann sells building and newspaper

Bruce Brugmann has agreed to sell the Bay Guardian, the longtime progressive weekly, to the new owners of the Examiner for an undisclosed price, according to a report by the Chron’s Andrew S. Ross. The transaction will close next month.

Brugmann
The deal, which had been rumored for weeks, was announced after Brugmann sold the Guardian’s 27,000-square-foot building at 135 Mississippi St. for $6.5 million, according to a report by J.K. Dineen of the San Francisco Business Times.

The sale price is 28% higher than the $4.7 million Brugmann paid for the building a decade ago, Dineen pointed out.

Brugmann said the time has come to “turn things over to the next generation … I’m going to be 77 on June 14, and Jean (Dibble, his wife) and I have been doing this for 45 years.”

“It's not an easy thing to do, but it made sense economically, and it made sense to Jean and me,” said Brugmann. “It's the best way to keep the Guardian intact, and hopefully keep it alive for another generation.”

Todd Vogt, the Examiner’s president and publisher, said the editorial departments of the Examiner and Guardian will remain separate. Tim Redmond, a 30-year veteran of the Guardian, will remain. His title will be editor and publisher.

“We have no intention of changing the editorial voice of the Guardian. If anything, a refreshed progressive voice is needed in the city,” Vogt told the Chron.

1 comment:

Anonymous said...

Say what you will about Brugmann, but no one can deny his scrappy paper's prominent place in the city's culture. PG&E officials are going to sleep a little bit better from now on.