business

Jay Cowles, who was chairman of the board when Cowles Media Co. sold the Star Tribune to McClatchy in 1998, said the sale was "apparently not a negative judgment on the prospects of the Star Tribune or the capability of its management and staff, but rather a financial restructuring of McClatchy's balance sheet."

The Minnesota Newspaper Guild has been told that the new owners will honor the Star Tribune's labor contracts, said Darren Carroll, executive officer of the Guild.

Among the Guild membership, "there's certainly surprise, concern and some anxiety about what this means for the future of the paper," Carroll said.

 

Staff writers Pam Louwagie and Bob von Sternberg contributed to this report. Matt McKinney • 612-673-7329 • mckinney@startribune.com