Plenty was written earlier today about the story breaking via New York City that our local Star Tribune newspaper is teetering on the brink of full-fledged bankruptcy. Even more shocking is that Avista Capital Partners who bought the Strib just over a year ago for an already firesale price can't turn a profit after running the paper like a Nazi death camp where nobody is safe from the pink slip bandits.
So after reading this, you are probably asking "Sornie, what the hell does this mean for me? I mean, how the crap does this effect me?"
Well, if you are reading this, you obviously read blogs and if not plural you obviously read at least one blog. Your certificate of appreciation is forthcoming. Well, without the unholy behemoth of the Star Tribune, you would be missing news from one large portion of of the country and while I rarely read even the online Strib (anymore, I did up until a few months ago), it still (even in its currently-on-life-support status) covers the news. Sure, it does so with a far slimmer (and arguably far less experienced) staff, it provides plenty of news to the Associated Press (and thanks, guys, for that award back in 2000) who then funnels it to other large news organizations. Without that constant flow of breaking news, citizen-based journalism would devolve into blogs showcasing the antics of the writers' cats and children.
Let's face it, citizen-based journalism is a cool idea but in the long run you get what you pay for.
"Sornie, you didn't really answer much or even offer up a prediction, what gives?"
Alright, the Star Tribune (believe it or not) will actually be a model for newspapers of the future. Yes, a model for how to fucking ruin a profitable business by gutting the living hell out of it! The dolts behind Avista could write an Amazon.com best seller on the topic because they took something which they bought for half price and still screwed it up. Badly. It doesn't mean, though, that a Joint Operating Agreement is in the future nor is a world where across-the-river competitor Pioneer Press comes out on top.
The future for the often-hated Strib is anyone's guess but I'll venture out on a limb here and say that Avista will somehow manage to yank the paper out of potential bankruptcy trouble but what emerges will be sold but what is sold will be only the intellectual property because there is plenty of available office space to lease in some nearby suburbs and that downtown land is very valuable to the right person(s) and printing can be easily contracted elsewhere (Pioneer Press?). The Strib will survive but it will be a feable and weak (as opposed to lean and flexible) paper compared to where it is today. Again, a model of how not to run a business.
5 comments:
"Plenty was written earlier today about the story breaking via New York City that our local Star Tribune newspaper is teetering on the brink of full-fledged bankruptcy."
Nowadays, "Bankruptcy" can often mean "We got rid of those damn pensions and health care, now let's go make money" and they often do. Bankruptcy court is the only place doing better business than treatment centers under this admin, and both are used as dodges.
Online "on demand news" is hurting the print business badly, as they struggle to throw off decades old business practices and get with it.
"Your certificate of appreciation is forthcoming."
I'll have mine with pictures of Presidents on it, if you don't mind.:)
You're right to call attention to the worrisomeness of this story.
For your non-Minnesota readers, could you offer some context? Are there other papers that compete with the Strib? I have a vague notion that the Pioneer Press or something like that is another Twin Cities-focused major daily. Is that right? Are there others?
St. Paul Pioneer Press--nearest comparable newspaper, and I doubt they'll like posting any news about Minneapolis....thanks for the up to date Minnesota news....I think you should start a paper.
I'll just say this No, I know how papers work to a certain extent. And it's also weird to think that the Pioneer Press (in St. Paul) is faring better under its recent ownership shuffle than the mighty Star Tribune. And yes Brendan, that sums up the "competition" in the Twin Cities. Outside of those two, it's all weekly papers until you reach Red Wing to the southeast, St. Cloud to the northwest or Faribault to the south. Big dailies are sparse 'round here.
Thanks for the clarification, Sornie and No.
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