We offer a headline that's more useful than retired reporters playing secret agent in a pathetic attempt to relive their glory days, here's a Kansas City newsie tidbit that dead-tree media hacks lament. . .
The Star sold the 424,000-square-feet building to Ambassador Hospitality LLC for $30.1 million, and the Star's parent company will lease the building back for 15 years . . . In addition to printing operations, the building houses a newsroom and administrative operations.
Missouri incorporation records list Rosana Privitera Biondo as president of Ambassador Hospitality, with a registered office at 909 Troost Ave., which also is a Mark One Electric Co. Inc. equipment yard. Privitera Biondo, who was named a Women Who Mean Business honoree in 2001, is president of Mark One.
Again, hack newsies imagine this construction developer lady will soon show up at the print facility to start editing copy.
Unlikely.
Instead, rather than any pressure over their lackluster content . . . It's more likely this buy is a hedge against the future when the newspaper can no longer afford the current space and they continue to downsize.
Developing . . .
I would think that they'd be less likely to criticize development.
ReplyDeleteI hope the buyer has another use for the building because it's very doubtful the Star will be around for the 15 year lease term. Maybe there is enough other printing business to pay the rent for some new entity.
ReplyDeleteFifteen year lease?
ReplyDeleteIt looks like someone misplaced the decimal point.
They can't be expecting to be around for the next 15 years otherwise they wouldn't have sold.
ReplyDeleteLease is for 15 years at a little over 2 million a year
They sold for 30 million
They'll pay more in rent over the next 15 years than they sold it for. Imagine selling your house and then renting it from the person you sold it to and paying them more in rent for your lease then you sold it to them for. The Star is dead
Just another Kay Barnes inspired boondoggle
ReplyDeleteMafia owned business...... I like it!
ReplyDeleteRed taught her right. Go girl, that was a great buy! They won't make it all the way but if they make it seven years you got a steal.
ReplyDeleteI thought that is where 3 Light was eventually being built.
ReplyDelete