Nobody's Offering More Than $50 Million For The Austin-American Statesman

f?id=49ca86cc14b9b90600cadbf7&maxX=311&m

Bids are in for Cox Communications’ newspaper the Austin-American Statesman. A source tells us none of the offers exceeded $50 million.

Offers came from:

  • Platinum Equity, which just bought the San Diego Union-Tribune.
  • Chris Harte, who publishes the Minneapolis Star-Tribune.
  • Hicks Holdings, which owns the Texas Rangers.
  • Jim Friedlich of Zelnick Media.

The $50 million figure is based mostly on the Stateman‘s real-estate footprint, our source tells us. The source is pretty sure Cox won’t accept any of the offers.

“Austin’s in this bizarre trap: It’s so worthless you might as well hold onto it.”

 

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.