Public Service Investing? Yeah, Right
December 28th, 2006 by Dan GillmorStar Tribune: Star Tribune’s sale turns several new pages. The Star Tribune’s new chairman is a Wall Street investor who says he’s driven by public service. Chris Harte is also a resident of Texas and Maine and a former newspaper executive who’ll be advising an investment group that has never owned a daily newspaper.
Oh, sure, these investors made the deal in search of ways to contribute to public service. What insulting drivel. They did it to make money, and they bought the paper at a price that may well work out well for them.
Another possible outcome is this: The new owners a) pay themselves gigantic bonuses; b) milk what’s left of the cash cow; and c) unload the thing in a couple of years to someone who’ll slash and burn even more.
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December 29th, 2006 at 12:43 pm
*that*’s the attitude… D.