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.