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.”