Correction: McClatchy Stake In

  • April 26, 2007
Per the MediaDailyNews article that ran April 25, "McClatchy 1Q Revs Tumble, Classifieds Collapse," McClatchy did not make a decision to sell a portion of its stake in CareerBuilder to Gannett and Tribune. The CareerBuilder equity agreement contained a change-in-control clause that gave investors power to buy out other investors and change the affiliate agreement--if other investor companies were sold. Tribune and Gannett elected to act on this clause when McClatchy purchased Knight Ridder, thereby reducing its stake to 15%.

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