TUESDAY, DECEMBER 26, 2006
Minneapolis Star Tribune | McClatchy
The Star Tribune is being sold by McClatchy to private equity firm
Avista Capital Partners. McClatchy says it decided to sell the Minneapolis-based paper -- through a private bidding process -- after a strategic reevaluation of its holdings in the wake of its recent acquisition of Knight Ridder. CEO
Gary Pruitt says the Strib "is a profitable business that has generated significant returns for the company over the years. However, as we continue to analyze our business following the Knight Ridder acquisition, it became clear that selling the Star Tribune strengthens McClatchy's competitive position." || Read McClatchy's
press release.
>
Pruitt memo: This deal "certainly is not business-as-usual for us" (Misc.)
>
Strib boss to staff: "We understand that this is surprising news" (Misc.)
>
Analyst Morton calls Strib sale "inexplicable and disappointing" (AP)
Posted at 6:13:08 PM
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