Star Tribune Sold to Private New York Investment Firm

I was surprised this morning to open up the online Strib to see that the Star Tribune was sold to Avista, a private New York investment firm. Chances are you’ll have to register just to read the article, so here is a press release put out by PR Newswire instead.

I’m certainly not in the industry, although it’s definitely surprising to see that the McClatchy Co. (who owns the Star Tribune) sold it for $530 million, under half of what they bought it for in 1998. It’s reported that the Strib’s circulation and advertising has stayed solidly profitable compared to other large dailies. They have also reported, like many other large dailies, that their classified ads have been affected by Internet competition.

I’ve always been a fan of the Star Tribune, but have never advertised or purchased anything from their online or print classifieds or run-of-press ads. To the new regime… make it enticing and easy for me to buy and sell, and I will (online).

01/02/2007 Update: Greg Sterling from Screenwerk provides comments about newspapers and the Star Tribune.

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4 Responses to Star Tribune Sold to Private New York Investment Firm

  1. Aaron says:

    I too am a big fan … but mostly the web. I read StarTribune.com daily, but only get the Sunday paper at home. While I do notice the advertising and sometimes browse the real estate listings, I have also never purchased anything due to the paper. Good point of focus Paul.

    I will say that the web redesign of StarTribune.com, within the last year I think, was one of my layout inspirations with about 4 other sites for FindBuffalo.com. It is straight forward, clean and I enjoy the sections highlighting the most read and most emailed stories (that’s funny … I like the tools that show me what others are reading or recommending …hello?).

  2. […] Article on the Star Tribune Sale A couple weeks ago, I gave mention to the McClatchy Company selling the Star Tribune for 40-some cents on the dollar, or well more than $500 million below the $1.2 billion they […]

  3. […] makes you wonder what exactly Avista had in mind when they purchased the Strib. They’re not a publishing company, but an investment […]

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