SEARCH RESULTS FOR "AVISTA"
Newspaper companies that have turned the page from Chapter 11
Three newspaper companies that have emerged from bankruptcy protection.
Out from bankruptcy, Star Tribune in new hands
The Star Tribune is set to emerge from bankruptcy today, eight months after falling advertising and circulation revenue forced the Minneapolis newspaper to seek protection from its creditors.
Star Tribune will exit Chapter 11
A federal bankruptcy judge in New York on Thursday approved the Star Tribune's reorganization plan, clearing the way for the Minneapolis newspaper to exit bankruptcy on or about Sept. 28.
AP charts, and updates, all of the major newspaper bankruptcies
Status of some of the newspaper publishers that have filed for bankruptcy protection:
Star Tribune looks to turn page from Chapter 11
When the Star Tribune emerges from bankruptcy protection later this month, Minnesota's largest newspaper will be far leaner than it once was â€” but with the same pressure to generate revenue.
SURVIVAL OF THE RICHEST
Even as the ship sinks, newspaper execs pocket the silver
While Morgan Stanley, Goldman Sachs and JP Morgan Chase have become poster children for management greed run wild, their executive compensation practices are only the most extreme examples of a widening class divide. What's endemic to the financial industry is nearly as ubiquitous to the newspaper publishing business, in kind if not in scale. And that avarice is nowhere more evident than in bankruptcy court.
Why the New York Times Co. will be in business until at least 2012
Revolving Credit Facility Due Date Looms, but Sulzbergers Should Be Able to Retain Control
"The month of May came and went," the New York Times Co. told staff last Thursday, "and, contrary to the prediction of one writer, we did not stop printing."
Big loss for Avista in Star Tribune bankruptcy
The private equity firm Avista Capital Partners stands to take a big loss in the bankruptcy reorganization of The Star Tribune of Minneapolis.
Star Tribune files plan to exit bankruptcy in fall
The Star Tribune plans to exit bankruptcy in the fall, about 10 months after a sharp decline in advertising and circulation revenue forced it to default on heavy debt payments.
Labor agreement at Star Tribune cuts wages
A tentative three-year contract agreement has been reached between the Star Tribune and the union representing nearly 300 newsroom workers.
Guild unveils Save the Strib campaign
Kick off at Twins home opener
Dozens of activists from the Guild and other Star Tribune unions distributed fliers and other material at the start of a public campaign to preserve the Minneapolis newspaper.
As cities go from two papers to one, talk of zero
The history of The Seattle Post-Intelligencer stretches back more than two decades before Washington became a state, but after 146 years of publishing, the paper is expected to print its last issue next week, perhaps surviving only in a much smaller online version.
In court, Star Tribune execs make the case for cost-cutting
Lower wages and less restrictive work rules at its printing plant would help the Star Tribune save money and attract outside work, including the possibility of printing its crosstown rival, the St. Paul Pioneer Press.
Star-Tribune asks court to end contract with pressmen
The Star Tribune of Minneapolis is seeking bankruptcy court approval to abandon one of its labor contracts as it tries to cut more costs in its restructuring.
Did the Star Tribune spend $11.5 million defending Par Ridder?
Bankruptcy filings are a boon to reporters because they disgorge information private companies otherwise keep hidden. But like Lucy snatching away the football, some of the juiciest stuff is blacked out when the documents are released.
McClatchy may not get $5.3M owed by newspapers
Newspaper publisher McClatchy Co. said it may not be able to recover $5.3 million owed by newspapers it had sold to companies that have recently filed for Chapter 11 bankruptcy protection.
Philadelphia Newspapers seeking bankruptcy
The owners of The Philadelphia Inquirer and The Philadelphia Daily News will file for bankruptcy on Monday after talks aimed at restructuring the debt from that deal broke down, executives said on Sunday.
Star Tribune seeks to void pressmen's contract
The Star Tribune asked a federal bankruptcy judge late Thursday to cancel the labor contract for its 116-member pressmen's union and impose new language that would save the debt-laden newspaper $3.5 million a year.
Bankrupt Star Tribune seeking new union deals
The Star Tribune is moving apace on a key component of its reorganization in bankruptcy court: seeking new deals with its labor unions.
Bankruptcy judge OKs Star Tribune severance payments
A federal bankruptcy judge has ruled in favor of the Star Tribuneâ€™s motion to pay in full its severance obligations to 43 former employees who left the company last summer and fall, and whose remaining severance payments were capped by statute at $10,950.
Publisher of bankrupt Star Tribune bidding for Texas paper
The Strib part-owner, chairman and publisher is among several suitors for the Austin American Statesman, the Texas paper reports.
Star Tribuneâ€™s largest lender is local
Bankruptcy documents filed Friday revealed that the Star Tribuneâ€™s largest lender is homegrown, an ownership stake that was largely unknown outside of a small group of company executives.
Guild responds to Star Tribune bankruptcy
Graydon Royce, co-chairman of the MInneapolis Star Tribune's unit of the guild, said he learned of the paper's Chapter 11 bankruptcy filing when another employee called him about 8:15 p.m. last night.
"The Newspaper Guild was given no heads up at all," Royce said, according to an article in today's edition of the paper. "We have to get a lawyer and financial expert to represent us in any proceedings that happen. Beyond that, we just don't know what's going to transpire.
Strib bankruptcy: Pulling the pin...and let's see what happens
As long anticipated, the Star Tribune filed for bankruptcy today, now the second company (after Tribune's big splash) to do that. Expect more.
Star Tribune files for Chapter 11 bankruptcy
The Minneapolis Star Tribune filed a Chapter 11 bankruptcy petition Thursday night.
The filing had been anticipated for several months. It follows missed payments to the paperâ€™s lenders, and comes less than two years after a private equity group, Avista Capital Partners, purchased the paper for $530 million.
The newspaper bubble, too, has burst
The bankruptcy filing of the Tribune Company on Monday is just the latest, largest evidence that the American newspaper industry is suffering the hangover from an immense buying spree in 2006 and 2007 at what turned out to be the worst possible time for the buyers, just as the business was about to enter a drastic decline.
Now or never for the Strib's unions
I love a good gross understatement. Like this one: It's a really, really bad time for unions in America.
Star Tribune asks its unions for $20 million in cost savings
The Star Tribune asked its unions Tuesday for another $20 million in annual cost savings beginning in January in a bid to have lenders forgive some of nearly $400 million in long-term debt.
Slaughtering the cash cows a bit too early
For an industry already on a ventilator, today's FAS-FAX numbers just steal more breath
The double-digit declines -- the Atlanta Journal Constitution at 13.6% daily, the Dallas Morning News at 9.2% daily and the critical-listed Newark Star-Ledger down 10.4% daily -- shouldn't be a surprise, but they are surprising in their magnitude.
Triple financial whammy afflicts newspapers
If the newspaper industry was on thin ice a month ago, the financial meltdown has meant that the creaking and cracking is getting more audible. Think of it as a triple whammy for an industry used to declaring itself the victim of a perfect storm.
Newspapers axe Monday editions as paper costs rise, ads dwindle
When the McPherson Sentinel stopped publishing on Mondays, the newspaper told readers it wasn't any different from Hellman's shrinking its mayonnaise jars or Extra gum offering two fewer pieces per pack at the same price.
Loading up on debt to buy papers can backfire
When Avista Capital Partners bought the Minneapolis Star-Tribune two years ago, the private equity firm put only $100 million of its own money into the $536 million deal. It loaded up on debt to pay for the rest.
Strib tells AP: we're canceling
Itâ€™s hard to imagine: the Star Tribune without the Associated Press.
But thatâ€™s what could happen in 2010; the regionâ€™s biggest news source recently sent the nationâ€™s most prominent wire service the required two years' cancellation notice, an AP spokesman confirms.
Strib will have "a tough time" making its next debt payment
When the Star Tribuneâ€™s pressmen turned down managementâ€™s contract proposal last Thursday, they ignored a threat from their own leadership: without a â€œyesâ€ vote, the company would â€œhave a tough timeâ€ making a September debt payment, potentially another step closer to bankruptcy.
Star Tribune unit approves 3-year deal
Strib Guild members vote to ratify 36-month agreement that includes a wage freeze followed by nominal wage increases, a new health care plan and a mandatory buyout program prior to layoffs.
Star Tribuneâ€™s debt for sale as newspaper woes mount
The lenders who financed Avista Capital Partnersâ€™ 2007 acquisition of the Star Tribune now want out of the deal, and are seeking a buyer for their debt package, originally worth more than $400 million.
Star Tribune, Guild reach tentative three-year agreement
The Newspaper Guild and the Star Tribune reached a tentative agreement Wednesday concerning a proposed three-year contract.
Star Tribune withholds some pay to lenders
The company declined to make regular quarterly payment to junior debt holders.
Star Tribune Co. declined to make a quarterly interest payment Monday to the holders of $96 million in second-tier debt that Avista Capital Partners raised to finance its acquisition of the news company last spring.
'Til debt do us part
For newspapers, it's the morning after their big binge â€” a multi-billion dollar borrowing spree. They maxed out their credit cards for all kinds of neat things that seemed to break down as soon as they got them home. Now they're trying to hock their purchases, but so is almost everyone else they know. They're making their minimum payments, and the sheriff isn't at the door yet â€” but the really big bills are about to hit the mailbox.
Star Tribune to cut newsroom budget 10%
Star Tribune Editor Nancy Barnes has been told she will have to cut $2.5 million, or about 10%, from the annual newsroom budget, a Newspaper Guild local official said Friday.
Bids due on Star Tribune's land
Bids on the Star Tribune's five-block plot of land in downtown Minneapolis are due today, according to an offering memo obtained by the Pioneer Press.
Star Tribune's owner forced to write off much of its investment
The owner of the Star Tribune has informed investors that it has written down the value of its $100 million investment in the newspaper by 75 percent to reflect deteriorating conditions since the purchase in March 2007.
How bad is it for the Strib?
Reporters examining the Star Tribune's finances can be compared to a group of blind men reporting on an elephant. No one source, not even the paper's higher-ups themselves, seems to have all the answers.
Star Tribune hires Blackstone Group to analyze its finances
Faced with sliding advertising revenue amid a continuing slowdown of the newspaper industry, the Star Tribune said Sunday that it has hired an adviser to evaluate its finances.
Newspapers' new owners turn grim
Critics of newspapers say that part of the problem is that the industry has lost its ability to surprise. Tell that to the guys who have just bought in.
Strib: Revenue drop 'precipitous,' production costs 'unfavorable'
After three days of closed door meetings -- so closed that the principals had to sign confidentiality agreements -- Star Tribune management and labor just issued a joint statement about the discussions.
Star Tribune hires turnaround consultant
Revenue at the Star Tribune is continuing to fall and the newspaper has hired a consultant to help it map a turnaround, its publisher told employees in a memo.
Despite woes, McClatchy banks on newspapers
In the beleaguered newspaper industry, one chief executive has long stood out as the golden boy: Gary Pruitt. He skillfully managed the McClatchy Co. chain and last year engineered the $4.6 billion takeover of Knight Ridder Inc., one of the largest in the history of the business.
Strupp's top 10
What's up, Murdoch? He takes #1 slot in top 10 newspaper industry stories of 2007
A billionaire media mogul takes over the prestigious family-owned daily. What could be a better story than that? But what about turmoil in the Twin Cities, the Pulitzers expanding online, Conrad Black and Bilal Hussein in jail? Or was it a Zell of a year?
A newspaper horror story
Since the day McClatchy announced its Knight-Ridder purchase its shares are down 69% whereas the Dow Jones averages gained 17%
McClatchy has filed papers with the Securities & Exchange Commission that it is writing down the value of the company by some $1.52 billion ($1.38 billion after tax considerations) reflecting the huge drop in its share price and the diminished value of the newspapers it kept from Knight-Ridder.
Strib editorial page editor forced out in 'local' dispute
In the latest upheaval for the Star Tribune of Minneapolis, Editorial Page Editor Susan Albright will leave the paper after 14 years at the helm following a dispute over localizing the editorial page.
Ex-Strib reporter is curious about Ridder's exit pay
Struck by the Strib's line about Par Ridder likely not to return to the paper. "That tells me that lawyers are talking and I'm sure that exit pay is a major topic," Deborah Rybak writes. "So how much more is Par going to take home from this misadventure in addition to the 'relocation' money we hear he received to move about 5 miles from Sunfish Lake to Kenwood? I wonder if his lawyers want extra because he was so successful in whacking the staff down to size and saving Avista so much money."
Star Tribune to begin search for new publisher
The Star Tribune plans a nationwide search for a new publisher following the court-ordered exit on Tuesday of the paper's previous head, Par Ridder.
Trouble in river cities
The Mississippi River has served as a divider and natural barrier for St. Paul and Minneapolis and their respective newspapers, and each daily has cleaved to its own sense of uniqueness. There are only a few similar markets in the United States, and the one most often compared to the Twin Cities, Dallas/Ft. Worth, actually has plenty of geography separating the two major dailies, so they can comfortably operate as distinct, if competitive, entities.
Ridder ordered out at Star Tribune
Former publisher Par Ridder misappropriated confidential Pioneer Press information upon leaving the St. Paul newspaper earlier this year and has used that information at the rival Star Tribune in ways that caused "irreparable harm," a judge said this morning.
Judge rules Star Tribune publisher must step down
A judge ruled today that Star Tribune publisher Par Ridder must step down from his job after he was accused of wrongdoing by his former employer, the St. Paul Pioneer Press, which had sought to have him removed.
Chairman Chris Harte's memo
Don't stop the presses -- sell the building instead
When Philadelphia Media Holdings LLC acquired the Philadelphia Inquirer last year, borrowing $375 million for the purchase, the company began looking at ways to pay off its debt. One option: Sell the landmark 18-story building on North Broad Street that has been home to the newspaper since 1924.
SPECIAL REPORT: PART 3
On shredding a 'Noncompete' document
During the three-day trial of the St. Paul Pioneer Press v. The Star Tribune Co., several executives were required to testify, including OhSang Kwon, Avista Capital Partners Founding Partner.
SPECIAL REPORT: PART 1
How publishers share information
E&P has obtained a full transcript from the trial in a lawsuit brought by Northwest Publications LLC, which runs the St. Paul Pioneer Press, against The Star Tribune Co., held in late June, and will begin publishing excerpts starting today.
As newspapers continue to gut their newsrooms can publishers justify their spin that the editorial quality remains the same?
There’s hardly a day that goes by that some US newspaper doesn’t announce it is cutting back on staff and also resourcing jobs elsewhere. But usually with such cutbacks publishers and editors try and convince their readers it will make no difference to the end product. Hogwash!
Trials and Stribulations
Taking the stand in Judge David Higgs's courtroom, Par Ridder couldn't have looked more like a rich boarding-school kid. The 38-year-old publishing scion was decked out in country-club navy blue with a haircut that was square in every sense of the word.
Free Par! Nine questions on alternative punishments
It's too easy. Par stays at the Star Tribune. Par leaves the Star Tribune. That's the end all the high-priced legal talent is driving to as the Twin Cities journalism community watches gape-mouthed at the sight of a Ridder scion pushed into the dock for stealing company secrets.
Journalists union asks Ridder to quit
The union representing the Star Tribune's newsroom called Tuesday for the resignation of Publisher Par Ridder. Guild resolution
Final shots offered in Twin Cities publisher fight
Attorneys for the St. Paul Pioneer Press and Minneapolis Star Tribune fired their final shots Monday in a legal battle over whether Star Tribune publisher Par Ridder and two other executives should be barred from working for the Minneapolis newspaper.
Strib Guild stewards say Par should resign
Wednesday's meeting of Star Tribune Guild stewards ended with the 25 gathered employees blowing past a proposal to put a "no confidence" vote on publisher Par Ridder before membership. Instead, arguing that "no confidence" was "a little soft" considering Ridder's behavior, the stewards voted unanimously to have membership vote on demanding Ridder's resignation.
Ethics tenet is on trial in Minnesota
In the past few weeks, both The Minneapolis Star Tribune and The St. Paul Pioneer Press have been doing a bang-up job of covering a dramatic civil trial that has taken aim at one of the Twin Cities' leading businessmen. The trial, and the accompanying coverage, has been full of allegations of bad faith, stolen data and riveting hallway commentary.
Ridder says St. Paul data did no harm
Star Tribune publisher Par Ridder told a Ramsey County court that he now wishes he'd deleted data he took from the Pioneer Press
A contrite Par Ridder, publisher of the Star Tribune, defended himself in court Tuesday against allegations that he stole financial information from his previous employer, the St. Paul Pioneer Press.
Ridder says he shared Pioneer Press data
Star Tribune Publisher Par Ridder acknowledged taking confidential financial information from his former employer, the St. Paul Pioneer Press, to his new job at the Minneapolis paper; separately, he insisted his noncompete agreement with the Pioneer Press had been waived, making him free to go.
Ridder says he took confidential information
Former St. Paul Pioneer Press publisher Par Ridder has acknowledged taking confidential information from his old employer to his new job as publisher of the Star Tribune of Minneapolis.
Star Tribune sells four city blocks to Vikings
Avista Capital Partners, owners of the Star Tribune, could receive $45 million for the property, according to sources.
The Minnesota Vikings have tentatively agreed to buy four city blocks for $45 million from Avista Capital Partners, owners of the Star Tribune, as part of a broader plan to build a football stadium and develop surrounding land in downtown Minneapolis, sources close to the sale confirmed Thursday.
Guild officers at Strib feel like hospice workers
"Brian's coverage of the misery at the Strib has been accurate and intelligent. I appreciate that.
"But I wonder if you, the blog- and media-reading public, really care what happens to a bunch of middle-class journalists who will probably land on their feet. The real tragedy is not for journalists, but for you citizen consumers of news, who now will find less of it, written more hurriedly by fewer people, in their local paper AND at that paper's website.
As jobs fade and demands grow -- what gets lost?
With thousands of job cuts in recent years, costly news coverage that includes two foreign wars, and ever-escalating demands for Web content, newspapers these days are being forced to do more with less.
Strib editor defends shake-up -- promises more local coverage
Editor Nancy Barnes of The Star Tribune in Minneapolis defended the ongoing newsroom shake-up that is likely to mean reassignments for 100 editorial staffers, from reporters to designers, saying the changes will result in more local news coverage and enterprise reporting.
Many cuts and crises at a paper
Last Thursday afternoon, more than a hundred employees of The Star Tribune in Minneapolis took to the small park across the street, many of then dressed in black or wearing black armbands in what they said was an act of mourning.
Guild leader: Star Tribune newsroom shuffle may affect 100 beats
As many as 100 newsroom staffers at the Star-Tribune in Minneapolis may be taken off their current beats and forced to apply for new assignments when a week-long shake-up is finished, according to a guild official who called the overhaul "the worst ever" situation for employees in her 19 years there.
Star Tribune to cut staff as circulation, revenue fall
Bowing to the pressures of declining circulation and falling revenue, the Star Tribune on Monday announced a plan to cut 145 employees through buyouts or, if enough people don’t volunteer, layoffs.
Star-Tribune to cut 145 jobs, 50 in newsroom
The Star-Tribune in Minneapolis revealed it would cut 145 positions companywide, a 7% cutback, with about 50 jobs lost in the newsroom.
Strib bloodletting begins anew
Ridder Still Secure as Publisher
Thursday afternoon at the Star Tribune saw the paper's four metro columnists, Doug Grow, Nick Coleman, Katherine Kersten and Cheryl "CJ" Johnson called in to separate meetings with editors Nancy Barnes and Scott Gillespie and told, in so many words, that the paper was looking to scale back the number of columnists and would any of them care to raise their hands and volunteer for reassignment to the paper's suddenly thin -- and getting thinner -- ranks of street-level reporters?
When the newspaper becomes the news story
How has the Star Tribune done covering a lawsuit against the newspaper by the Pioneer Press?
Most days, the Twin Cities newspaper war -- one of the last, great newspaper brawls in the country -- smolders behind the paper, ink and websites, invisible to readers.
Ridder's alleged 'Espionage'
His password was "Mocha." But other data on Par Ridder's laptop computer would have been even tastier to his new bosses.
Singleton says he thought Ridder would stay for a long time -- as a revealing document emerges in lawsuit
MediaNews Group Inc. CEO William Dean Singleton says he never had a hint that Publisher Par Ridder was planning to decamp from the St. Paul Pioneer Press to the rival Minneapolis Star Tribune -- and allegedly take a ton of confidential material with him.
Pioneer Press sues Star Tribune, seeks ouster of publisher
The St. Paul Pioneer Press and its parent company MediaNews Group filed a lawsuit this afternoon against the newspaper's former publisher and others alleging they stole sensitive information as they left for new jobs at the rival Star Tribune in Minneapolis.
Star Tribune sued over publisher
The Pioneer Press claims Par Ridder violated noncompete deals and stole sensitive information; Ridder says he will prevail.
The St. Paul Pioneer Press sued the Star Tribune on Thursday, claiming that Par Ridder, the newspaper's new publisher, violated an employment agreement with the Pioneer Press. The suit asks that he be removed and barred from working for the Star Tribune for at least a year.
Who's Minding the Story?
Star Tribune Takes Issue with McCollum's E-mail on D.C. Departures
When U.S. Rep. Betty McCollum sent out her weekly e-mail newsletter on March 5, the Minnesota Democrat included a farewell to the paper's longtime Washington reporters, who will continue working for the Strib's former owner, McClatchy.
The double dummy can be very smart
Tax law isn't exactly a bundle of laughs. But tax lawyers occasionally compensate by inventing hilarious terms like "horizontal double dummy" to describe the paper-shuffling that they do. Most of us, of course, wouldn't recognize a double dummy if we tripped over it (or is it them?).
A Ridder goes, but the paper endures
Why Par Ridder went running to the Enemy Paper as its new publisher is a mystery he would not satisfactorily answer for this newspaper, nor, I suppose, does he have any obligation to reveal anything outside the boilerplate that guys like him must learn along the way.
Par Ridder named Strib publisher
Anyone who knew Knight Ridder and the Ridders might be surprised. But anyone who's worked in Saint Paul -- as I was fortunate to do from 1986-1997 -- would be shocked. Par, who is 38, wrote a to-the-point farewell letter to the newspaper's staff, which you can find below. He noted that it had long been the practice that a PP staffer defecting to the Strib would immediately clean out his desk and leave the building (actually started in the days of #2 pencil to #2 pencil staff raiding in the '90s).
Paper looks beyond Ridder
Publisher's exit surprised CEO
On a day when the publisher of one of his biggest newspapers darted across town to work for a larger local competitor, MediaNews CEO William Dean Singleton still sounded more concerned about the major problems facing his industry.
Par Ridder named Star Tribune CEO, publisher
St. Paul Pioneer Press publisher replaces J. Keith Moyer, who recently resigned after almost six years as Star Tribune publisher
Par Ridder, the former publisher of the St. Paul Pioneer Press and the son of a newspaper family that goes back more than a century, moved across the river on Monday to lead the Star Tribune as publisher and CEO.
Avista to take ownership of Star Tribune
Unit officers urge no cutbacks to newsroom and online staff
A private buyout firm best known for frontier oil drilling will become the new owners of the Star Tribune.
FIVE DAYS TO GO
Thanks to all who came to today's stewards meeting. Great attendance, great discussions, great group wisdom (and a few not-bad jokes). The unit officers deeply appreciate your support. People are being thoughtful and sticking together as we face the unknown, and it's good to see.
Star Tribune publisher to step down
The publisher of the Star Tribune, J. Keith Moyer, announced his departure Friday to a surprised newspaper staff.
White knight turns pragmatist, and newspapers tremble again
Less than a year ago, Gary B. Pruitt, the head of the McClatchy Company, was hailed as the white knight of newspapers. While others saw the industry headed for the dinosaur graveyard, Mr. Pruitt rode in to buy the Knight Ridder papers, or some of them anyway.
McClatchy's disappointing decision to sell the Star Tribune
It could be said of McClatchy after the unceremonious dumping of Minneapolis' Star Tribune that the bloom is off the rose. Of course, there was a foretaste of this with McClatchy's earlier decision to unload a dozen of the dailies the company acquired from the late Knight Ridder last year.
The waiting at the Strib
Stribbers bide their time; the Guild gears up for a fight
It was a month ago this week that McClatchy CEO Gary Pruitt announced the sale of the Star Tribune to Avista Capital Partners, and, big surprise, there are still few visible signals about the intentions of the new owners.
The truth on staffing at the Star Tribune
The notion that the Star Tribune newsroom is loaded with excess staff is false. John Oslund recently ran the numbers and found that our staffing is actually comparable, as a percentage of circulation, with two other newspapers -- the St. Paul Pioneer Press and Philadelphia Inquirer -- that already have slashed their newsroom payrolls.
Star Tribune Guild bulletin
As many of you are aware, there is a provision in our bargaining agreement with the company that entitles Guild members to dismissal pay within five days after the sale of the Star Tribune. Management has communicated to the Guild that it will not challenge this provision, which means anyone who elects to resign and take dismissal pay is entitled to do so.
Pruitt Responds to 'Strib' Criticism: Selling Was 'Difficult'
Gary Pruitt, CEO of McClatchy, can now add Minneapolis to the list of cities where he is, at least right now, something of persona non grata -- the same city that put McClatchy and Pruitt on the map when the then small company maneuvered a $1.2 billion acquisition of the Star Tribune in 1998.
15 Star Tribune reporters look to the future of the paper
It was a dark day in more ways than one when members of the Newspaper Guild, the union that represents Star Tribune newsroom workers, gathered last week on the second day of the new year to discuss the sale of the paper to a buyout firm, Avista Capital Partners.
Is there a smoking gun in the Strib fire sale?
When the McClatchy Company bought the Star Tribune from longtime local owners Cowles Media in March 1998, the transaction set a new high-water mark for newspaper sticker prices. The $1.2 billion McClatchy coughed up for the paper amounted to roughly 16 times the Strib's operating cash flow—its gross profits, essentially, before the additional costs of taxes and interest and sundry other accounting tricks were applied.