Power Line (Free subscription) | 05/08/2008
The financial problems of the Minneapolis Star Tribune made the news over the weekend when the New York Post reported that the paper was on the verge of bankruptcy. Star Tribune publisher and chairman Christ Harte has denied that report, but acknowledged that management has retained the Blackstone Group to restructure its balance sheet. Avista Partners purchased the Star Tribune for $530 million only...
Star Tribune (Free subscription) | 05/07/2008
Avista Capital partners wrote down 75 percent of its $100 million share of the purchase price and said the outlook is still uncertain.
Paidcontent (Free subscription) | 05/07/2008
Going private isn't a form of immunity: Avista, the PE-fund that bought the Minneapolis Star-Tribune for $530 million in late 2006, has written down 75 percent of its original investment . The leverage fund only put up $100 million of its own cash, with the rest coming form financiers. A letter to the fund's investors, excerpted by the paper , sings a familiar song: "In the past year, the newspaper...
Content Matters (Free subscription) | 05/07/2008
Via PaidContent comes word that private equity firm Avista has written down 75% of its original investment in the Minneapolis Star-Tribune. The firm acquired the Star-Tribune in late 2006 for $530 million. In a letter to shareholders, Avista states "In...
