McClatchy to Buy Knight Ridder

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The McClatchy Co. has reached a deal to buy Knight Ridder Inc., the second-largest U.S. newspaper publisher, for about $4.5 billion in cash and stock, the companies announced Monday. McClatchy will also assume about $2 billion in Knight Ridder’s debt.


The deal will add several major newspapers to McClatchy’s portfolio, including The Miami Herald, The Kansas City Star and the Fort Worth Star-Telegram. At the same time, McClatchy plans to sell 12 of Knight Ridder’s 32 newspapers, including The Philadelphia Inquirer, The Philadelphia Daily News and the San Jose Mercury News, saying that those papers don’t fit the company’s longstanding criteria of buying newspapers in growing markets.


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