Tribune Co. hires banks to manage offers for newspapers
Tribune Co. has hired two investment banks to manage offers to buy its newspapers, executives said Tuesday, adding that no decisions have been made about whether to sell any properties.
The Star Tribune announcing job cuts as the newspaper further trims costs.The newspaper is cutting around 100 jobs.In a note to the newsroom, Editor Nancy Barnes says about 30 of the cuts will come from newsroom and editorial staff - about a10 percent reduction.The Star Tribune emerged from bankruptcy protection September 28 with its main lenders becoming the new owners.Plummeting ad revenue prompted the newspaper to file for chapter 11 last January.Mankato Businessman Glen Taylor and a business partner have put in a bid to become minority owners of the newspaper.The offer is valued at $6.25 million to $8.75 million.