Can high-power corporate executives run a local newspaper like a local newspaper? At least one of Star Tribune‘s potential new board members (who was once president of the UK Starbucks Coffee Co.), thinks so.
The Star Tribune said Monday that unless another buyer emerges, its board of directors will include L. Gordon Crovitz, former Wall Street Journal publisher; Michael T. Sweeney, managing partner of the Minneapolis private equity firm of Goldner Hawn Johnson & Morrison; former banker and investor William F. Farley of Minneapolis; and Michael E. Reed, head of GateHouse Media Inc. of Fairport, N.Y. Two additional board members are expected to be named later.
"I think a local newspaper company like the Star Tribune is the epitome of a local business," said Sweeney, who previously served as president of Starbucks Coffee Co. (UK) in London. "So it’s a pleasure to be involved in such a local business."
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Faced with plunging ad and circulation revenue and heavy debt, the Star Tribune filed for bankruptcy protection last January. The Chapter 11 filing came less than two years after Avista Capital Partners, a private equity firm, bought the Star Tribune for $530 million from The McClatchy Co.
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