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Topic: Miscellaneous items
Date/Time: 12/26/2006 5:40:04 PM
Title: Star Tribune publisher's message to employees
Posted By: Jim Romenesko
 
** High Priority **

Star Tribune Being Sold

By Keith Moyer
Publisher and President

The McClatchy Company, our parent corporation, has reached a definitive agreement to sell the Star Tribune to Avista Capital Partners, a private equity firm. The sale will close in early spring.

McClatchy, based on the reevaluation of its strategy, has been conducting a confidential sale of the Star Tribune over recent weeks, and Avista was the successful bidder.

We understand that this is surprising news and that you will have many questions, which we will address as best we can in the days and weeks to come. [We have prepared answers to what we believe will be the most frequently asked questions, and that document is available on Stribnet.]

This much I can tell you with certainty today: Avista is a company that believes in the future of newspapers and is strongly committed to the success of the Star Tribune.

Avista also is committed to keeping the Star Tribune's management team intact. And your leadership team, to a person, is committed to the Star Tribune and its employees. We very much look forward to working with Avista in the years ahead to make our already market-leading company even stronger -- despite the current challenging and changing media environment.

Avista's overarching strategy is to invest primarily in media, healthcare and energy companies. And, through its impressive team of investment and industry experts it seeks to partner with management teams to add value to well-positioned businesses such as the Star Tribune.

I have had the opportunity to get to know Avista leadership quite well recently, and I can say this without hesitation: They are progressive, very smart, good-hearted people who believe that no other media platform can reach a local audience as effectively as newspapers and their product extensions./CONTINUED BELOW

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