HONOLULU (AP) — A Kaua’i couple has expressed interest in purchase of the Honolulu Star-Bulletin. Peter and Jane McClaran recently submitted a letter of interest to newspaper broker Dirks Van Essen and Murray. They are co-publishers of Kauai Business Report,
HONOLULU (AP) — A Kaua’i couple has expressed interest in purchase of the
Honolulu Star-Bulletin.
Peter and Jane McClaran recently submitted a letter
of interest to newspaper broker Dirks Van Essen and Murray.
They are
co-publishers of Kauai Business Report, a monthly business
newspaper.
McClaran said he has the financial backing of Jeff Lindner, a
wealthy Kaua’i developer and member of a Cincinnati family whose business
interests include Chiquita Brands International Incorporated and the Cincinnati
Reds.
Lindner is considering investing up to $3 million to bankroll the
newspaper in its first months of new ownership, McClaran said.
The Kalaheo
couple also plans to put up their life savings, McClaran said. He said he
believes the Star-Bulletin can break even by keeping expenses down.
Keeping it afloat would be a matter of employee teamwork, he said.
The
McClarans’ own publication is barely breaking even, and it remains to be seen
if they are deemed “serious” contenders.
Philip Murray, lead broker at
Dirks Van Essen, has said that only financially qualified candidates will
receive the financial data needed to make a bid.He has declined to disclose how
many submitted formal expressions of interest by Monday’s deadline, citing
confidentiality agreements. But the results of the broker’s six-week search
foar a buyer could be known later this week after a meeting with U.S.
Magistrate Barry Kurren.
McClaran said he hopes his commitment will attract
other investors, including Star-Bulletin employees.
A group of
Star-Bulletin reporters and editors already has submitted a letter of
interest. Former Congressman and broadcast executive Cecil Heftel also has
expressed interest.
