Earlier this year – for about 3 months – McClatchy owned both the St. Paul Pioneer Press and the Minneapolis Star Tribune.
Now…they own neither. After selling the PP to MediaNewsGroup in August, the Strib is now owned by a holding company with stakes in the Weekly Reader, yearbook publisher Jostens, and real estate marketing materials publisher Merrill Corp.
Here’s the reaction from the pundits:
Snarky Garrick: “Now there is in fact, no difference between the Weekly Reader and the Star Tribune.”
Intrigued Garrick: “Broadsheet newspapers are now considered a specialty publication, like yearbooks and home-for-sale brochures. Huh. Looks like Avista doesn’t have a lot of holdings in internet technology. Why’d they buy more printing presses?”
Media Mogul Garrick: “The separation between news and paper is nearly complete. Avista just needs to divest themselves of the writing staff.”
Thanks to Matt @ MNPublius.com for the tip.
“But half the price of the original purchase? And no interest from other newspaper companies? Those are signs of deepening malaise, or worse, in the newspaper business.” – Dan Gillmor
“…if Avista behaves like most private equity investors, they’ll come in to the Star Tribune with their knives sharpened, ready to slash costs. That could mean cutting staff in the newsroom…” – John Morton in MPR’s report on the sale.