Emerging media

Star Tribune Wed, 07 May 2008 04:14:57 GMT
Star Tribune's owner forced to write off much of its investment

Avista Capital Partners wrote down 75 percent of its $100 million share of the purchase price and said the outlook is still uncertain. The owner of the Star Tribune has informed investors that it has written down the value of its $100 million investment in the newspaper by 75 percent to reflect deteriorating conditions since the purchase in March 2007. "In the past year, the newspaper industry has suffered greater than expected declines in circulation and advertising revenue, particularly in print classified advertising," the memo from New York's Avista Capital Partners said. "The outlook in the near to medium term remains uncertain."

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