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Tuesday, December 26, 2006

MINNEAPOLIS STAR TRIBUNE SOLD

'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.' from Poynter.org /Romenesko

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