SACRAMENTO, California: US newspaper publisher McClatchy Company has sold its biggest title, the Minneapolis Star Tribune, to a private equity firm for $530 million (€402.9m; £270m).
Ceo Gary Pruitt says the deal will improve McClatchy's performance and give it more flexibility to pursue web investments.
The company paid $1.2 billion for the title in 1998. Despite a steady decline in circulation and ad revenues, new owners Avista Capital Partners say: "It is a great brand in a great market."
Data sourced from Wall Street Journal Online; additional content by WARC staff