Teamsters: a buyer may be "waiting in the wings" to buy the Star Tribune
In a statement posted on their website Friday, the Teamsters lashed back at Avista, which has demanded steep cuts at the Star Tribune.
The most interesting bit is this:
Is there really a buyer "waiting in the wings" or is this just gamesmanship on the union's part?
Avista, which bought Minnesota's largest newspaper nearly two years ago, has indicated to the unions that if they do not agree to the union-breaking terms, it could file for bankruptcy.
While that could be true, newspaper analysts predicted that when Avista purchased the Star Tribune, it would do what other private equity firms do--slash costs and then resell the newspaper at a tidy profit. Some observers speculate that Avista might have a buyer who is waiting in the wings to purchase the newspaper after the company slashes payroll and takes the wrecking ball to the unions.