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Star Tribune files for bankruptcy

The paper just broke the story of its own flat bustedness. A couple of key details from the story:

The paper has operated profitably: $26 million in 2008, down from $115 million in 2006, when owners Avista Capital Partners bought the paper for $530 million. This does not account for debt payments.

Assets are valued at $493 million; liaibilites at $661 million.

More details to come.

PDF: Star Tribune bankruptcy filing

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Comments (2)

  1. Submitted by paul joderman on 01/15/2009 - 09:22 pm.

    This is for the better. Time to dump the Teamsters.

  2. Submitted by Rich Ahrens on 01/15/2009 - 11:21 pm.

    Can’t believe they had the nerve to brag about the monthly pageviews on their site in that article. Given the way they auto refresh pretty much every freaking page on the site…

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