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McClatchy Unloads Five More Papers
The McClatchy Company agreed to sell five newspapers to several buyers for more than $450 million yesterday, according to the New York Times. McClatchy purchased 32 newspapers from Knight Ridder in March, planning to sell 12 of them; Media News acquired four of the 12, while a group of Philadelphia investors acquired the Philadelphia Inquirer and the Philadelphia Daily News.
The five that sold yesterday include The Akron Beacon Journal in Ohio, The Aberdeen American News in South Dakota, The Fort Wayne News-Sentinel in Indiana, The Duluth News Tribune in Minnesota and The Grand Forks Herald in North Dakota.
The Times Leader of Wilkes-Barre, Pennsylvania is the only paper left unsold, and an agreement will be reached on that paper in coming weeks, according to McClatchy chief executive Gary B. Pruitt.
Total proceeds of the sale of the papers will be about $2 billion and will be used to reduce debt McClatchy took on when acquiring Knight Ridder.