WEDNESDAY, APRIL 26, 2006
Associated Press | McClatchy
McClatchy has announced a complex deal with MediaNews and Hearst under which the companies will pay McClatchy $1 billion in cash to acquire four newspapers. MediaNews will purchase the San Jose Mercury News and Contra Costa Times, and Hearst will acquire the Monterey Herald, and the St. Paul Pioneer Press. "Under a separate agreement between Hearst and MediaNews, Hearst has 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, subject to, among other things, regulatory approval," says the McClatchy
release. "In the event such transaction is not consummated, MediaNews has agreed to acquire these newspapers from Hearst." | More from the
Mercury News,
NYT,
Star Tribune and
Denver Post.
Posted at 6:48:22 PM
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