Somebody gets it

From last week's Advertising Age

http://adage.com/mediaworks/article?article_id=134795

Cliff Notes: Publicly owned newspapers averaged an operating profit of 10.8% in the first three quarters of last year, Mr. Morton said. That's not the margin enjoyed by newspapers when they were monopolies, but it's not nothing either.

Problems at the top
The owners, on the other hand, are variously posting huge losses, at least on paper; watching their stock prices plunge; and, crucially, struggling to make payments on debt they took on under projections that didn't pan out.

 

How it debt service figured into profits? For the Star Tribune for instance, is the debt used to pay for the paper on the books of Avista or the StarTrib?