Business Journal: McClatchy Making More Cuts
The Sacramento Bee’s parent-company is looking to sell another newspaper in an attempt to boost its bottom line.
Monday, December 8, 2008
The McClatchy Co. is considering selling The Miami Herald, its best known and most-respected newspaper, according to published reports. The Sacramento-based company – publisher of The Sacramento Bee and 29 other daily newspapers – acquired the Herald as part of its $4.5 billion purchase of Knight Ridder Inc. But declining advertising and slumping circulation may push McClatchy to sell the Herald, which includes some high-profile real estate in South Florida. McClatchy, which has been aggressively cutting costs with buyouts and layoffs and trying to pay off debt, has already sold the San Jose Mercury News and Philadelphia Inquirer in connection with the Knight Ridder purchase. The nation’s second-largest newspaper chain sold the Star Tribune of Minneapolis in 2007. McClatchy officials would not comment about shopping the Herald to possible buyers.