Not mentioned in the continuing coverage of the expanding San Francisco Newspaper Company is that it's basically a venture of the Canadian company Black Press. Black Press honcho David Black is an investor and sits on the board of SFNC. Todd Vogt used to be an executive at Hollinger, another Canadian news conglomerate which was owned by the controversial Conrad Black (no blood relation to David Black, apparently).
Black Press has a proven acquisition strategy of buying up multiple pubs in a metro area and offering group ad buys. This is reasonable enough when you consider that you're usually talking pubs in different suburbs that reach the same demographic. In SF however the strategy seems to be to buy pubs that reach different demos in the same city. How does that work?
And of course consolidation of edit content is an issue as well. Black is basically hiding the ball on what the ultimate strategy is and this should be a concern.