Avista Has Only Itself To Blame In 'Strib' Bankruptcy

January 19, 2009: Avista Capital Partners says slumping revenue in a brutal climate for newspapers everywhere forced the bankruptcy of the Minneapolis Star-Tribune -- but media economist Robert Picard isn't buying it.

Picard also believes the bankruptcies of Tribune Co. last month and the Star-Tribune now are not necessarily harbingers of more newspapers filing Chapter 11. Both companies, he notes, are operated by chief executives new to the newspaper business, Tribune's Sam Zell a real estate businessman and the Avista partners private equity investors.

It wasn't the economy, but Avista's own business decisions that brought the Strib to bankruptcy, Picard argues.

Read the full article at Editor & Publisher.

Get Advice Join TDU Donate

Recent News

Yellow Trims Losses: Best Quarter in Six Years

Yellow Corporation released its first quarter financials on May 10. The company shows strong improvement but is still not profitable. Yellow’s overall operating ratio of 99.3 percent is 3 percent better than a year ago, but well below other LTL carriers, including ABF and TForce.

 

Sysco Profits Up

Sysco Corp announced its quarterly financial report on May 10, with profits and revenue both up dramatically since last year.  Profits for the quarter were $303.33 million, up from $88.9 million last year. Revenue rose 43% from $11.8 billion to $16.9 billion.

View More News Posts