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McClatchy Reports November 2005 Revenues and Reaffirms Earnings Outlook

Released 06/30/2006

The McClatchy Company (NYSE: MNI) today reported that consolidated advertising revenues in November 2005 increased 1.6% and total revenues increased 0.7%.

Year-to-date advertising revenues were up 3.2% and total revenues were up 2.2%.

Pat Talamantes, chief financial officer of McClatchy, said, "Revenue growth in October and November has generally been as expected, so our outlook for the rest of the year is unchanged from our third quarter earnings release. We expect fourth quarter earnings to range between 98 cents and $1.00 per share, and full year earnings to range from $3.45 to $3.47 per share, excluding the third-quarter litigation costs related to the Star Tribune circulation matter.

Mr. Talamantes also noted that, "In fiscal 2006 we will report 53 weeks versus 52 weeks in our fiscal 2005. On a comparable 52-week basis, we anticipate advertising revenues to grow in the low-to-mid-single-digit range. And despite facing increases in newsprint, retirement and medical expenses, we plan to tightly manage other cash expenses, thereby holding total cash operating expenses to a projected mid-single-digit growth rate on a comparable basis. Further, we expect to achieve record earnings again in 2006, even with the new requirement to expense stock options next year, which will likely reduce earnings by 10 to 12 cents per share."

McClatchy will review its business in a presentation today at the CSFB Media and Telecom Conference at the Crowne Plaza Times Square Hotel in New York at 1:30 p.m. The presentation will be webcast live on its site, www.mcclatchy.com and on www.csfb.com. McClatchy will also give an update at the UBS 33rd Annual Media Week Conference at the Grand Hyatt New York today at 3:30 p.m., which will be webcast live on its site, and on www.ibb.ubs.com/. McClatchy's presentations via webcast will continue to be archived at its website for future reference.

The McClatchy Company, headquartered in Sacramento, Calif., is a leading newspaper and internet publisher. It publishes 12 daily and 17 non-daily newspapers located in western coastal states, North and South Carolina, and the Twin Cities of Minneapolis/St. Paul. McClatchy has daily circulation of 1.4 million and Sunday circulation of 1.8 million. McClatchy's newspapers include, among others, the Star Tribune in Minneapolis, The Sacramento Bee, The Fresno Bee and The Modesto Bee in California, The News & Observer (Raleigh, N.C.), The News Tribune (Tacoma, Wash.) and the Anchorage Daily News.

McClatchy also operates leading local websites in each of its daily newspaper markets, offering users information, comprehensive news, advertising, e-commerce and other services, and owns and operates McClatchy Interactive, an interactive media operation that provides newspapers with content publishing tools and software development. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

Additional Information

This release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Those risks and uncertainties are outlined in the company's Dec. 26, 2004, annual report on Form 10-K and its Sept. 25, 2005, quarterly report on Form 10-Q, and include, in particular, the risks that newsprint prices, retirement costs, medical costs and interest rates could rise above current expectations or that the company's businesses could be more severely negatively affected by the continuing economic uncertainty in Minnesota, California's Central Valley, the Carolinas, Washington State or Alaska. The company assumes no obligation to update the information in this release.

The attached schedule contains a reconciliation of the non-GAAP items referred to in this press release.

                        Reconciliation of Non-GAAP Amounts
                         Three months ended           Nine months ended
                   September 25,   September 26, September 25, September 26,
                        2005           2004          2005          2004

Net Income $38,639 $39,072 $115,138 $108,096 Certain items net of tax effects: Third quarter circulation litigation expense 648 -- 648 -- Refinancing related charge -- -- -- 2,253 Non-GAAP net income $39,287 $39,072 $115,786 $110,349

Diluted per share amounts $0.84 $0.83 $2.46 $2.36

In management's opinion, the items excluded from non-GAAP net income are not reflective of ongoing operations. As a result they are removed from net income in order to allow the reader to evaluate the company's results on an ongoing basis. Management also considers the 2005 third quarter litigation expenses not reflective of ongoing operations for the Company's full-year earnings per share estimates.

The McClatchy Company Consolidated Statistical Report (In thousands, except for preprints)

November November Year-to-Date

Revenues - Net: 2005 2004 % Change 2005 2004 % Change Advertising California $34,323 $32,514 5.6% $361,314 $341,928 5.7% Minneapolis 27,079 27,510 -1.6% 284,415 284,360 0.0% Carolinas 13,521 13,693 -1.3% 148,080 143,454 3.2% Northwest 11,582 11,441 1.2% 128,757 124,609 3.3% Total Advertising $86,505 $85,158 1.6% $922,566 $894,351 3.2%

Circulation 12,305 12,830 -4.1% 150,425 154,052 -2.4% Other 1,809 1,919 -5.7% 21,415 21,989 -2.6% Total Revenue $100,619 $99,907 0.7% $1,094,406 $1,070,392 2.2%

Average Paid Circulation:* Daily 1,415.1 1,477.1 -4.2% 1,400.1 1,417.9 -1.3% Sunday 1,772.0 1,840.9 -3.7% 1,789.2 1,848.2 -3.2% Community Newspapers 50.0 52.8 -5.3% 51.2 52.8 -3.0%

* Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.

Advertising Linage for Dailies: Full Run ROP Retail 486.5 505.6 -3.8% 5,010.2 5,156.6 -2.8% National 100.6 102.7 -2.0% 1,082.4 1,107.4 -2.3% Classified 593.4 596.9 -0.6% 7,287.6 7,293.9 -0.1% Total 1,180.5 1,205.2 -2.0% 13,380.2 13,557.9 -1.3%

Millions of Preprints Distributed 358.6 367.6 -2.4% 3,217.3 3,105.6 3.6%

Full Run ROP Linage by Market for Dailies:

California: The Sacramento Bee 207.1 215.4 -3.9% 2,383.2 2,395.4 -0.5% The Fresno Bee 107.2 103.2 3.9% 1,195.6 1,194.3 0.1% The Modesto Bee 112.1 105.2 6.6% 1,197.9 1,201.4 -0.3% Merced Sun-Star 56.5 43.5 29.9% 597.1 555.7 7.5%

Star Tribune, Minneapolis 146.2 162.7 -10.1% 1,628.0 1,740.1 -6.4%

Northwest: The News Tribune, Tacoma 100.5 105.7 -4.9% 1,115.9 1,156.6 -3.5% Anchorage Daily News 69.3 76.3 -9.2% 888.0 878.6 1.1% Tri-City Herald 69.0 62.9 9.7% 833.6 774.7 7.6%

Carolinas: The News & Observer, Raleigh 148.2 159.4 -7.0% 1,698.5 1,759.6 -3.5% South Carolina Dailies 164.4 170.9 -3.8% 1,842.4 1,901.5 -3.1% Total 1,180.5 1,205.2 -2.0% 13,380.2 13,557.9 -1.3%

The McClatchy Company Supplemental Advertising Revenue By Category for the Period Ending November 27, 2005

November November Year-to-Date % % Change % % Change Change Print Only Change Print Only Advertising categories: Retail (0.5) (1.1) 0.5 0.3 National (1.4) (1.3) (1.6) (1.7) Classified Total 5.0 2.2 6.2 2.8 Auto (18.0) (20.8) (9.7) (12.0) Real Estate 24.8 23.6 18.3 16.0 Employment 11.3 6.8 14.0 8.9 Direct Marketing 6.0 6.0 9.4 9.4

Total advertising growth 1.6 0.3 3.2 1.6