Worst newspaper in US destroys value

The McClatchy Company, recent purchaser of the Knight-Ridder chain of newspapers, is taking a huge loss on its 1998 purchase of the Minneapolis Star-Tribune, considered by many to be the worst, most politically correct newspaper in the United States. According to an article in the Star-Tribune, quoting a parent company/purchaser joint press release:The Star Tribune is being sold by The McClatchy Company to private equity firm Avista Capital Partners, McClatchy and Avista announced today. The companies say they have a definitive agreement to sell the Star Tribune for $530 million to Avista, which has offices in New York and Houston. ...McClatchy bought the Star Tribune from the Cowles Media Company in 1998 for a net price of $1.2 billion, after selling off Cowles' magazine and book publishing businesses.That's a whopping 56% loss in 8 or so years. Even worse than New York Times Company stock. The press release goes on to say that the purchaser plans to keep existing management and...(Read Full Post)