By: E&P Staff
The McClatchy Co. said today it has completed the divestiture of its biggest paper, The Star Tribune in Minneapolis.
The company made the stunning announcement of the sale on Dec. 26 to Avista Capital Partners for $530 million. McClatchy expects a future cash tax benefit of $160 million and plans to put the cash from the proceeds toward its debt used to finance the acquisition of Knight Ridder.
McClatchy paid $1.2 billion for the Star Tribune in 1998 from Cowles Media Co.
Earlier today, Avista announced Par Ridder was leaving the St. Paul Pioneer Press to take the helm of the Star Tribune as president and publisher.