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Mi-Ai Parrish Named New Publisher of the Idaho Statesman

Released 07/10/2006

The McClatchy Company (NYSE: MNI) today named Mi-Ai Parrish publisher of The Idaho Statesman newspaper in Boise.

Parrish is the deputy managing editor for features and visuals at the Minneapolis Star Tribune, McClatchy's largest newspaper, where she has worked since 2001. Since joining the Star Tribune, Parrish has held several leadership roles in the newsroom and led a number of successful initiatives, including rebuilding the Sunday newspaper and reshaping the features sections.

As the deputy managing editor for features and visuals, Parrish directs a 150-person staff of journalists and is responsible for all arts and features content, including photography, design and graphics.

"Mi-Ai is a visionary leader whose passion for newspapering is infectious," said Gary Pruitt, McClatchy's chairman and chief executive officer. "Her deep commitment to editorial excellence will serve The Idaho Statesman and its communities well."

Parrish assumes her new responsibilities this week. She replaces Mike Petrak, who has resigned to pursue other interests.

Prior to joining the Star Tribune, Parrish was the deputy managing editor for arts and features at the San Francisco Chronicle. She has also held key editing posts at The Arizona Republic, the Chicago Sun-Times and The Virginian-Pilot.

"Mi-Ai has proven herself at some of the largest newspapers in the country," said Bob Weil, vice president, operations, at McClatchy, who oversees the company's Northwest newspapers. "She's a dynamic leader with a talent for creating relevant, entertaining and compelling news products that really resonate with their audiences."

Parrish, 35, was born in New York City and grew up in the Washington, D.C., area. She traces her fascination with newspapers to early childhood memories of "sitting with The Washington Post on Sunday mornings and really enjoying going through all the sections."

She cemented those bonds at the University of Maryland, where she worked on the college newspaper and earned a bachelor's degree in journalism in 1992. She began her career at The Virginian-Pilot as a copy editor and reporter before being promoted to assistant business editor.

"The Statesman is a newspaper with a strong tradition and a talented staff. I'm looking forward to working together to build on the many successes and strengths," Parrish said of her new assignment. "My husband, Dave, and I are excited to become part of that amazing, exciting and beautiful community."

Over her career, Parrish has been a leader in promoting newsroom diversity. She is a member of the Asian American Journalists Association and was the fundraising chairwoman for its national convention in Minneapolis last year. She is also a member of the National Association of Minority Media Executives.

She is married to David Parrish, a Pulitzer Prize-winning investigative reporter.

About The McClatchy Company

On June 27, 2006, The McClatchy Company acquired Knight-Ridder, Inc. At the time, Knight Ridder published 32 daily newspapers in 29 U.S. markets, with a circulation of 3.4 million daily and 4.5 million Sunday, along with a variety of investments in internet and technology companies.

As part of that announcement, McClatchy said it planned to sell 11 of the acquired newspapers that do not fit with the company's longstanding operating strategies and acquisition criteria, and to sell the St. Paul Pioneer Press due to anticipated antitrust concerns involving McClatchy's Minneapolis Star Tribune. On June 27, 2006, McClatchy completed the sales of the Duluth (MN) News Tribune; the Grand Forks (ND) Herald; the Aberdeen (SD) American News; and the Ft. Wayne (IN) News-Sentinel and a 75% interest in the Fort Wayne Joint Operating Agency.

On June 29, 2006, McClatchy announced that it had completed the sale of Philadelphia Newspapers, Inc. (PNI) to Philadelphia Media Holdings LLC (PMH). The purchase covers the Philadelphia Inquirer and Philadelphia Daily News, both daily newspapers, and related media assets including philly.com.

Upon completion of the remaining divestitures, McClatchy will include 32 daily newspapers and approximately 50 non-dailies. Papers added through this transaction include The Miami Herald, The Kansas City Star, Fort Worth Star-Telegram and The Charlotte Observer. They will join McClatchy's 12 papers serving cities including Minneapolis, MN; Sacramento, CA; and Raleigh, NC. In addition, McClatchy combined with Knight Ridder has an expanded network of valuable internet assets.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Statements in this press release regarding the transactions between McClatchy and each of Knight Ridder, MediaNews, Hearst, Sound Publishing Holdings, Inc., Philadelphia Media Holdings LLC and The Wilkes-Barre Publishing Company Inc., the expected timetable for completing the remaining transactions, future financial and operating results, benefits and synergies of the transactions, future opportunities for the company and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," estimates and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to consummate the remaining transactions, the ability of McClatchy to successfully integrate Knight Ridder's operations and employees; the ability to realize anticipated synergies and cost savings; and the other factors described in McClatchy's Annual Report on Form 10-K for the year ended December 25, 2005 and the final Prospectus/Proxy Statement/Information Statement contained in McClatchy's Registration Statement on Form S-4 (Registration No. 333-133321). McClatchy disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.