Wednesday, December 27, 2006

McClatchy surprise, selling Star Trib

In a surprising move McClatchy, the parent company of MHMC has sold the Minneapolis Star Tribune, which happens to be the paper that TMH's new executive editor, Anders Gyllenhaal, came from. The sale price of the paper ($530 million) is actually about half of what McClatchy paid (1.2 billion) for it in 1998. That's a lot of red ink, ouch.

"Gyllenhaal said Tuesday he was asked to take the Miami job before he learned that a Star Tribune sale was pending."

Perhaps he didn't know, but McClatchy knew. I guess Gyllenhaal should feel honored that McClatchy wanted to keep him around, even as they planned to scrap the underperforming paper he was at.

The new owner of the Star Tibune is a private investment group, Avista Capital Partners.

Hat tip to: Enrique


Anonymous said...

Regarding Gyllenhaal, I believe it's called recycling. McClatchy had to put somebody in Fiedler's place, and this guy had "Miami Herald experience" in his resume. What more could one ask for?

Exterminator said...

Could The Miami Herald be the next one for sale? Food for thought...