Star Tribune: One of 10 newspapers that will fold or go digital
The internet has a lot of psychics trying to predict which newspapers will fall next. Last report said the Pioneer Press was on the verge of disappearance. Now it's the Star Tribune's turn.
In a Time magazine piece, the Strib was on the list of 10 major newspapers likely to fold or go digital this year. Their grim hope: They could be saved if the Pioneer Press folds first.
The list was created by 24/7 Wall St. They based their choices on the following criteria:
The properties were chosen based on the financial strength of their parent companies, the amount of direct competition that they face in their markets, and industry information on how much money they are losing.
Based on their analysis, eight of the fifty largest daily newspapers in the United States could cease publication in the next eighteen months, according to the report.
Here is what the report had to say about the Strib:
2. The Minneapolis Star Tribune has filed for Chapter 11. The paper may not make money this year even without the costs of debt coverage. The company said it made $26 million last year, about half of what it made in 2007. The odds are that the Star Tribune will lose money this year if its ad revenue drops another 20%. There is no point for creditors to keep the paper open if it cannot generate cash. It could become an all-digital property, but supporting a daily circulation of over 300,000 is too much of a burden. It could survive if its rival the St. Paul Pioneer Press folds. A grim race.
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