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McClatchy Reports May 2007 Revenues and Reviews Business at Analyst Forum

Released 06/20/2007

The McClatchy Company (NYSE: MNI) today reported that consolidated advertising revenues in May 2007 decreased 11.5% and total revenues were down 10.4% compared to pro forma revenues for May 2006 (including the addition of newspapers purchased in the Knight Ridder acquisition and excluding the Minneapolis Star Tribune newspaper).

Year-to-date advertising revenues declined 7.1% and total revenues were down 6.2% on a pro forma basis.

Commenting on the company's results, Gary Pruitt, chairman and chief executive officer, said, "We knew that with 4.7% growth in pro forma advertising revenues in May 2006 we would find the month challenging, and we did. Classified advertising, and particularly the real estate category, has been a drag on revenues. While real estate was a significant source of revenue growth last year, the real estate boom has since turned sour and as a result our real estate advertising revenues have declined, most notably in our California and Florida newspapers.

"But we are not resigned to accepting business on these terms. We are working hard to preserve our operating cash flow and cash flow margin by exerting strong cost controls to mitigate the revenue shortfalls. Our cash expenses through May were down 7.7% on a pro forma basis. Through the first five months our operating cash flow is down only 1.1% on a pro forma basis, and our EBITDA margin has grown to 24.3% from 23.1% in 2006. We believe we are one of the few newspaper companies that has been able to improve its cash flow margin in this environment.

"As we look to June we see a continued decline in advertising revenues although not to the same degree as we saw in May. In the second half, revenue comparisons to 2006 will ease but business trends remain unclear. We expect advertising trends to show improvement by the fourth quarter, though revenues will likely still be down. Meanwhile we will remain focused on reducing operating expenses and mitigating the impact of the advertising trends on our cash flow."

Pat Talamantes, McClatchy's chief financial officer, said, "In addition to free cash flow, we have reduced debt dramatically through asset sales while achieving an equally important improvement in the quality of our portfolio. As a result our debt balance at the end of May was $2.7 billion, down $2 billion since the Knight Ridder acquisition closed despite substantial tax payments in the fourth quarter of last year. Currently, we are in the midst of several other de-leveraging transactions, related to the sale of fixed assets and real property. With these transactions and free cash generated by operations we expect to reduce debt by approximately $600 million to $700 million over the next 18 months."

McClatchy will provide a more in-depth review of its business performance and outlook today at the Mid-Year Media Review, an analyst forum sponsored by the Newspaper Association of America at the McGraw-Hill Building in New York City.

The company's presentation will begin at 10:00 A.M. Eastern time and is accessible via internet webcast through http://www.mcclatchy.com and http://www.midyearmediareview.com. The webcast will be archived on McClatchy's website following the presentation.

The company has attached a summary of selected financial information for five month periods ending in 2007 and pro forma 2006, as well as its pro forma statistical report, which summarizes its revenue performance for May and the first five months of 2007, to this release. These reports include advertising revenues and selected financial data which includes the 20 Knight Ridder newspapers the company acquired, but did not own in the first half of its fiscal 2006, and excludes the revenues and data of the Star Tribune newspaper which was sold on March 5, 2007. The pro forma information is meant to provide investors a sense of what the advertising and certain operating information of the continuing operations would have been in each interim period. A reconciliation of non-GAAP measurements referred to in this release to GAAP measurements is included in an attached schedule and on the company's website at the investor relations page.

About McClatchy

The McClatchy Company is the third largest newspaper company in the United States, with 31 daily newspapers and approximately 50 non-dailies. McClatchy-owned newspapers include 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 internet assets, including leading local websites in each of its daily newspaper markets, offering users 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 advertising network of local news websites and 14.4% of CareerBuilder, the nation's largest online job site. McClatchy also owns 25.6% of Classified Ventures, a newspaper industry partnership that offers classified websites such as cars.com and apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

ADDITIONAL INFORMATION

Statements in this press release regarding future financial and operating results, including revenues, operating expenses, cash flows and debt levels, as well as 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 risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: McClatchy may not consummate contemplated transactions which may enable debt reduction on anticipated terms or at all; McClatchy may not achieve its expense reduction targets or may do harm to its operations in attempting to achieve such targets; McClatchy's operations have been, and will likely continue to be, adversely affected by competition, including competition from internet publishing and advertising platforms; McClatchy's expense and income levels could be adversely affected by changes in the cost of newsprint and McClatchy's operations could be negatively affected by any deterioration in its labor relations. McClatchy disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

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

May Combined Print Only *Pro Forma As Reported *Pro Forma Revenues - Net: 2007 2006 % Change 2006 2007 2006 % Change

Advertising Retail $67,007 $73,871 -9.3% $24,394 $64,760 $72,670 -10.9% National 14,286 15,592 -8.4% 4,905 13,651 14,908 -8.4% Classified Total 57,598 68,540 -16.0% 24,943 46,798 56,372 -17.0% Automotive 14,010 16,496 -15.1% 5,979 12,019 14,740 -18.5% Real Estate 16,385 20,308 -19.3% 8,737 15,152 19,023 -20.3% Employment 20,189 24,752 -18.4% 8,121 13,150 16,130 -18.5% Other Class 7,014 6,984 0.4% 2,106 6,477 6,479 0.0% Direct Marketing 13,933 14,689 -5.1% 4,478 13,933 14,689 -5.1% Other Adv Rev 170 158 7.6% 156 171 159 7.5% Total Advert- ising $152,994 $172,850 -11.5% $58,876 $139,313 $158,798 -12.3%

Circulation 21,460 22,620 -5.1% 7,261 Other 5,840 5,812 0.5% 1,484 Total Revenues $180,294 $201,282 -10.4% $67,621

Memo: Online Only Advertising Revenue $13,681 $14,052 -2.6% $3,711

Advertising Revenues by Market: California $29,146 $36,220 -19.5% $33,833 $27,054 $34,132 -20.7% Southeast 39,235 41,546 -5.6% 13,392 34,955 37,688 -7.3% Florida 23,680 29,299 -19.2% 0 22,095 27,244 -18.9% Midwest 20,699 22,442 -7.8% 0 18,660 20,283 -8.0% Northwest 18,311 18,776 -2.5% 11,651 16,386 17,273 -5.1% Texas 15,922 17,706 -10.1% 0 14,631 16,523 -11.5% Other 6,001 6,861 -12.5% 0 5,532 5,655 -2.2% Total Advert- ising $152,994 $172,850 -11.5% $58,876 $139,313 $158,798 -12.3%

Advertising Statistics for Dailies: Full Run ROP Linage 1,046.0 2,834.9 2,853.8 -0.7%

Millions of Preprints Distributed 185.9 522.0 576.2 -9.4%

Average Paid Circulation:** Daily 2,752.5 2,849.2 -3.4% Sunday 3,341.8 3,491.6 -4.3%

* Pro Forma includes Knight Ridder acquisitions and excludes (Minneapolis) Star Tribune newspaper. ** Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.

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

May Year-to-Date Combined Print Only *Pro Forma As Reported *Pro Forma Revenues - Net: 2007 2006% Change 2006 2007 2006% Change

Advertising Retail $353,844 $363,298 -2.6% $117,250 $343,619 $357,539 -3.9% National 76,579 85,819 -10.8% 24,140 74,055 81,819 -9.5% Classified Total 319,142 363,151 -12.1% 130,567 261,667 304,107 -14.0% Automotive 72,168 85,785 -15.9% 30,953 62,465 77,438 -19.3% Real Estate 93,209 110,252 -15.5% 45,921 86,924 103,705 -16.2% Employment 116,323 129,571 -10.2% 43,016 77,497 87,991 -11.9% Other Class 37,442 37,543 -0.3% 10,677 34,781 34,973 -0.5% Direct Marketing 67,212 66,578 1.0% 20,535 67,212 66,578 1.0% Other Adv Rev 780 835 -6.6% 826 779 837 -6.9% Total Advert- ising $817,557 $879,681 -7.1% $293,318 $747,332 $810,880 -7.8%

Circulation 120,475 125,538 -4.0% 40,144 Other 33,962 30,642 10.8% 7,684 Total Revenues $971,994 $1,035,861 -6.2% $341,146

Memo: Online Only Advertising Revenue $70,225 $68,801 2.1% $18,359

Advertising Revenues by Market:

California $157,253 $179,201 -12.2% $167,978 $146,254 $168,967 -13.4% Southeast 206,221 210,699 -2.1% 67,716 184,967 191,252 -3.3% Florida 134,202 157,856 -15.0% 0 124,877 146,878 -15.0% Midwest 110,724 118,128 -6.3% 0 100,253 107,007 -6.3% Northwest 92,993 92,429 0.6% 57,624 83,683 85,041 -1.6% Texas 83,862 90,202 -7.0% 0 78,133 84,063 -7.1% Other 32,302 31,166 3.6% 0 29,165 27,672 5.4% Total Advert- ising $817,557 $879,681 -7.1% $293,318 $747,332 $810,880 -7.8%

Advertising Statistics for Dailies: Full Run ROP Linage 5,265.7 13,755.6 14,630.0 -6.0%

Millions of Preprints Distributed 933.8 2,801.0 2,869.9 -2.4%

Average Paid Circulation:** Daily 2,806.4 2,910.0 -3.6% Sunday 3,441.5 3,595.3 -4.3%

* Pro Forma includes Knight Ridder acquisitions and excludes (Minneapolis) Star Tribune newspaper.

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

***THE McCLATCHY COMPANY*** SELECTED FINANCIAL INFORMATION (UNAUDITED) (In thousands)

Five Months Ended June 3, May 28, 2007 2006 - Pro Forma REVENUES - NET: Advertising $817,557 $879,681 Circulation 120,475 125,538 Other 33,962 30,642 971,994 1,035,861 OPERATING EXPENSES: Cash expenses 735,680 797,020 Depreciation and amortization 64,168 63,444 799,848 860,464

OPERATING INCOME 172,146 175,397 Add back depreciation and amortization 64,168 63,444 OPERATING CASH FLOW $236,314 $238,841

OPERATING CASH FLOW MARGIN 24.3% 23.1%

Operating cash flow margins are derived by dividing operating cash flow by total net revenues for each period. The Company believes operating cash flow is commonly used as a measure of performance for newspaper companies, however, it does not purport to represent cash provided by operating activities as shown in the company's statement of cash flows, nor is it meant as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.

***The McClatchy Company*** RECONCILIATION OF GAAP AMOUNTS Pro Forma Operating Income and Cash Flow Five Months ended May 28, 2006 (in thousands)

Historical Acquisitions/ Pro Forma Amounts Divestitures Amounts REVENUES -NET Advertising revenues $416,055 $463,626 $879,681 Circulation Revenues 66,910 58,628 125,538 Other Revenues 9,601 21,041 30,642 492,566 543,295 1,035,861 OPERATING EXPENSES Cash expenses 367,018 430,002 797,020 Depreciation and amortization 25,581 37,863 63,444 392,599 467,865 860,464

OPERATING INCOME 99,967 75,430 175,397 Add back depreciation and amortization 25,581 37,863 63,444

OPERATING CASH FLOW $125,548 $113,293 $238,841

Note: Not pro forma for synergies that have been or may be realized from the Knight Ridder Acquisition