Star Tribune Offers Profit-Sharing Checks For Second Year Running

By Rachel Kaufman Comment

The Minneapolis Star Tribune, which was bankrupt just three short years ago, is now on its second year of paying out profit-sharing checks to employees, David Brauer reports.

The award is $300 per full-time employee, or about a fourth of what it was last year ($1,163). That’s because the Strib’s pension contribution tripled.

But the fact that the company had enough money to fully fund its pension obligations, match everyone’s 401(k), and still share $300 with each of the paper’s 1,000 full-time employees is pretty encouraging.

Circulation revenue was up, newsroom staffing has remained steady, and the paper says it has more than 12,000 brand-new digital subscribers.

The downside: Ad revenue is still slipping, and newsroom staffers haven’t received a raise in three years. But if business continues this way, perhaps employees will receive some good news when their contract goes up for negotiation next January.