McClatchy Completes Sale of Wilkes-Barre Times Leader
The McClatchy Company (NYSE: MNI) announced that it has successfully completed the previously announced sale of the Times Leader of Wilkes-Barre, Pa., to The Wilkes-Barre Publishing Company Inc.
Wilkes-Barre Publishing was formed by Richard L. Connor, former President and Publisher of the Times Leader from 1978 to 1986, in partnership with local Wilkes-Barre investors and HM Capital Partners, LLC. The purchase covers the Times Leader and certain publications and websites related to the newspaper.
McClatchy acquired the Times Leader through its acquisition of Knight- Ridder, Inc., and signed a definitive agreement to sell the newspaper to Wilkes-Barre Publishing on June 26, 2006.
The McClatchy Company is the second-largest newspaper company in the United States, with 32 daily newspapers and approximately 50 non-dailies. McClatchy-owned newspapers include the (Minneapolis) Star Tribune, The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer. In addition, McClatchy has a robust network of valuable internet assets, including leading local websites in each of its daily newspaper markets, offering readers information, comprehensive news, advertising, e-commerce and other services. The company also owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development; Real Cities (http://www.RealCities.com ), the largest national network of city and regional websites, operating in more than 110 U.S. markets, and is part owner of CareerBuilder, the nation's largest online classified employment listing service. McClatchy also owns 25 percent of Classified Ventures, a newspaper industry partnership that includes such online classified websites as cars.com and apartments.com.