So the Star Tribune tells us that they aren't dead. . . yet.
You do have to wonder about that. Bringing on the Blackstone Group is an admission that the paper's financial problems are a lot worse than they've been willing to acknowledge publicly. The least surprising admission contained in the Strib's article about itself came from publisher Christopher Harte:
"Credit Suisse and the other lenders absolutely do not want to run the newspaper," Harte said in an interview Sunday evening.
In related news, Harte noted that Credit Suisse and the other lenders don't want to receive a blunt stick in the eye. And who could blame them? Running a newspaper, especially one that is as financially compromised as the Star Tribune, is a fool's errand. Institutional lenders are notoriously unsentimental and eventually they will look to cut their losses. It's difficult to imagine a scenario in which the Strib will be able to turn the corner financially and become profitable again.
Certainly a newspaper is an important part of what makes a community a community. For all its myriad faults, the Strib has been a major player throughout the development of the Twin Cities. If the Strib does fail it would not be a happy thing. As much as we despise the arrogance of the editorial board, the sneering of Nick Coleman and the relentlessly slanted reportage, I'm not convinced that our region would be well served if the Strib went away. The Pioneer Press has plenty of problems of its own and isn't well-positioned to serve the millions who live on the other side of the river. And I'm not sure that George Soros will be willing to take on all the additional salaries, even though he's managed to hire plenty of ex-Strib people for his local screed factory.
I am thinking that the MOB ought to hire Nick Coleman and set him up with his own blog, just so we won't lose out on the fisking opportunities. I'd be willing to chip in a few of these for the effort.
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