Ariel Capital Management has upped its position in the McClatchy Company. It now owns 15.5% of the company, making it McClatchy's second-largest shareholder, behind the McClatchy family, which owns
about 30% of the outstanding shares. "Our firm is based on contrarianism. We often find that's where opportunity is," Ariel founder John Rogers told the
Chicago Tribune. Hedge fund Citadel
Investment Group also has accumulated 3.2 million McClatchy Class A shares. It didn't offer a reason for the investment.
