Ads will begin running tomorrow marketing the asset sale of the Star-Bulletin, which has lost more than $100 million since its rescue nine years ago.

The offering satisfies a condition set by the U.S. Department of Justice when David Black, majority owner of Oahu Publications Inc., the Star-Bulletin's parent company, sought approval to buy his long-time business rival, the Gannett Co.-owned Honolulu Advertiser. A purchase agreement between the parties was announced on Feb. 25 and is scheduled to close in mid to late April.

“;I don't think odds are great that someone will come forward,”; said Dennis Francis, publisher of the Star-Bulletin and president of Oahu Publications.

A minimum bid has not been disclosed, but a viable buyer would need the kind of community spirit and financial patience that the Star-Bulletin's shareholders and Black exemplified, said Francis, who left his post as general manager of the Advertiser to join Oahu Publications in 2004.

“;Any buyer would need really deep pockets,”; he said Friday, adding that even with the profitable free-distribution MidWeek, Oahu Publications has lost about $1 million a month for nine years.

The advertised sale includes the Star-Bulletin newspaper and masthead, starbulletin.com and the newspaper's subscription list, Francis said. It also will include the press facility in Kaneohe along with an Urbanite press, as well as other assets such as newspaper vending machines and office furniture and equipment necessary to publish a seven-day-a-week newspaper. The sale will not include the profitable MidWeek or commercial press, Francis said.

Conditions for the pending sale and the advertisement were approved by the Justice Department, Francis said. As per its requirements, the ad will run for 14 days, appearing in the Star-Bulletin, The Honolulu Advertiser and The Wall Street Journal and affiliated Web sites.

Oahu Publications will notify several dozen major and minor newspaper groups and media conglomerates worldwide, he said, and will contact a few dozen key people in Hawaii who have the financial ability to run a newspaper.

Pierre Omidyar, billionaire eBay founder and Hawaii resident who plans to soon begin an online-only local news service, is on the list of contacts, Francis said. Local car dealer Mike McKenna, who has identified himself as a potential suitor, is not on the list, he said.

“;I was surprised to see him come forward as an interested buyer for the Star-Bulletin,”; Francis said. “;We've not had much success over the years in getting McKenna to believe enough in the value of the paper to buy an ad for his car dealership.”;

McKenna had not contacted Oahu Publications as of the close of business Friday; however, Francis said that “;if he's serious, he could certainly make an offer.”;

Certain particulars of the sale, especially the brevity of the two-week window, have drawn criticism.

“;I think it's a terribly narrow window and it's not meant to sell the newspaper,”; said Wayne Cahill, spokesman for the Hawaii Newspaper and Printing Trades Council and administrative officer of the Hawaii Newspaper Guild.

Non-binding resolutions urging Black, the state Attorney General and the U.S. Department of Justice to slow down the deal have been introduced in the state Legislature.

A buyer still could come forward, just as Black did when he bought the Star-Bulletin in 1999, said Chris Conybeare, president of the Media Council Hawaii.

“;They said the economics were wrong and no one would buy it and someone did,”; he noted.

But, said Francis, “;the difference between then and now is that there was no modern history here of trying to operate a much smaller competing paper in 2001 when Black bought the paper.”;

“;Now you have nine years of history that clearly shows it is not possible to have two profitable newspapers in this market.”;

Francis said he was not surprised that special interest groups “;who aren't paying the bills”; would want to delay the process.

“;The bottom line here is we are losing $40,000 to $50,000 a day, so it is obvious that this process must continue along the timeline that was originally agreed to by the U.S. Department of Justice,”; he said. “;There have been zero buyers for profitable newspapers the last couple of years across the U.S., so I would suspect there are even less than that willing to come forward for a newspaper that is losing large sums of money.”;

He said the Hawaii Attorney General has done “;an exhaustive study of the financials using Justice Department data and reviewing company records. The Justice Department concluded long ago that the Star-Bulletin is a 'failed business.'”;

A poor economy accelerated the challenges faced by the Star-Bulletin, but the problems were broader, Francis said.

“;The Star-Bulletin with much smaller circulation than the Advertiser made it difficult to effectively compete for advertising volume or get an appropriate rate,”; he said. “;I don't see that changing.”;

If a buyer is not found for the Star-Bulletin, both newspapers will operate separately for 30 to 60 days before merging into one newspaper called the Honolulu Star-Advertiser, Francis said.