Wednesday, December 27, 2006
Liberal Newspaper Sold...for Less Than Half of What it was Worth!
In 1998, the McClatchy Company bought the Minneapolis Star-Tribune for $1.2 billion and turned it into a slobbering leftwing rag. Its circulation plummeted, and, this week, the paper was sold to a private equity firm, for $530 million.
Understand this: McClatchy turned a paper worth $1.2 billion in 1998 to one worth less than half, $530 million, 8 short years later.
Now that's what we call "liberal economics."
Equity Firm Buys Paper in Minnesota
If this had been a conservative operation, the major news outlets and the MSM in America would be laughing. But when liberals reduce the value of their own properties by half, it is considered back page news.
In 1998, the McClatchy Company bought the Minneapolis Star-Tribune for $1.2 billion and turned it into a slobbering leftwing rag. Its circulation plummeted, and, this week, the paper was sold to a private equity firm, for $530 million.
Understand this: McClatchy turned a paper worth $1.2 billion in 1998 to one worth less than half, $530 million, 8 short years later.
Now that's what we call "liberal economics."
Equity Firm Buys Paper in Minnesota
In an unexpected move, the McClatchy Company, the newspaper publisher, said yesterday that it was selling The Star Tribune of Minneapolis to a private equity firm, Avista Capital Partners, for $530 million, citing the lagging performance of the paper and the tax advantages from the sale.
McClatchy said in a statement that the sale of the newspaper, which it bought for $1.2 billion in 1998, would help reduce its debt after the purchase of the Knight Ridder chain for more than $4 billion.
If this had been a conservative operation, the major news outlets and the MSM in America would be laughing. But when liberals reduce the value of their own properties by half, it is considered back page news.
