Star Trib Sold in After Christmas Sale

The Star Tribune is has reportedly been sold for $530 million dollars, roughly half of its value of when it was sold for $1.2 billion in 1998. McClatchy Co. sold the paper to Avista Capital Partners in a last minute tax benefit deal.

From Bloomberg:

The sale of the Star-Tribune allows Sacramento, California- based McClatchy to receive $160 million in tax benefits, the company said today in a statement. Avista, a New York-based private equity firm, will retain senior management.

Get the Star Tribune story here.