McClatchy Sells 4 Knight Ridder Dailies For $1 Billion
Apr 27, 2006, 7:00 AM
Newspaper giant McClatchy Co. Wednesday announced a deal to sell four of the major dailies it acquired as part of its acquisition of Knight Ridder to MediaNews Group Inc. and Hearst Corp. for a combined total of $1 billion in cash. MediaNews agreed to buy two northern California papers--the San Jose Mercury News and Contra Costa Times--while Hearst will acquire the Monterey (CA) Herald, and the St. Paul Pioneer Press in St. Paul, Minnesota. Under a separate agreement between Hearst and MediaNews, Hearst agreed to contribute the St. Paul Pioneer Press and Monterey Herald to MediaNews in return for an equity investment in the non San Francisco Bay Area assets of MediaNews.