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McClatchy Amends Reconciliation of Pro Forma GAAP to Non-GAAP Expenses

Released 10/16/2007

The McClatchy Company (NYSE: MNI) noted that the depreciation and amortization expense reported in its pro forma operating income for the nine months ended September 24, 2006 was reported as $117.1 million and should have been reported as $110.7 million.

Revised schedules reconciling the pro forma amounts to GAAP -- reported amounts are attached to this release and are posted on our website at http://www.mcclatchy.com.

About McClatchy:

The McClatchy Company is the third largest newspaper company in the United States, with 31 daily newspapers, approximately 50 non-dailies and direct marketing and direct mail operations. McClatchy also operates leading local websites in each of its markets which complement its newspapers and extend its audience reach in each market. Together with its newspapers and direct marketing products, these operations make McClatchy the leading local media company in each of its premium high growth markets. 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.

McClatchy also has a portfolio of premium digital assets. Its leading local websites offer users information, comprehensive news, advertising, e-commerce and other services. The company owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development. McClatchy operates Real Cities (http://www.RealCities.com), the largest national advertising network of local news websites and owns 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 the nation's number two online auto website, cars.com, and the number one rental site, apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

                                 ***THE McCLATCHY COMPANY***
                             REVISED RECONCILIATION OF GAAP AMOUNTS
                                         (In thousands)

Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2007 2006 2007 2006 Pro Forma REVENUES - NET: Advertising $457,017 $506,774 $1,422,317 $1,551,915 Circulation 67,995 70,637 209,582 218,308 Other 15,332 17,717 55,030 53,631 540,344 595,128 1,686,929 1,823,854 OPERATING EXPENSES: Cash expenses 406,349 444,783 1,271,975 1,399,228 Depreciation and amortization 36,250 36,662 112,440 110,652 442,599 481,445 1,384,415 1,509,880

OPERATING INCOME 97,745 113,683 302,514 313,974 Add back depreciation and amortization 36,250 36,662 112,440 110,652 OPERATING CASH FLOW $133,995 $150,345 $414,954 $424,626

OPERATING CASH FLOW MARGIN 24.8% 25.3% 24.6% 23.3%

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.

Management is in the process of performing impairment testing of goodwill and other long-lived assets as of September 30, 2007, due to the continuing challenging business conditions and the resulting weakness in the company's stock price as of the end of its third quarter. Upon completion of that testing, the company expects to record a non-cash impairment charge to GAAP earnings in its third quarter financial statements when it files its Form 10-Q with the Securities and Exchange Commission (SEC) on or before November 9, 2007.

***The McClatchy Company*** REVISED RECONCILIATION OF GAAP AMOUNTS Pro Forma Operating Income and Cash Flow Nine Months ended September 24, 2006 (In thousands)

Historical Acquisitions/ Pro Forma Amounts Divestitures Amounts REVENUES - NET Advertising $856,791 $695,124 $1,551,915 Circulation 117,905 100,403 218,308 Other 26,895 26,736 53,631 1,001,591 822,263 1,823,854 OPERATING EXPENSES Cash expenses 743,846 655,382 1,399,228 Depreciation and amortization 56,522 54,130 110,652 800,368 709,512 1,509,880

OPERATING INCOME 201,223 112,751 313,974 Add back depreciation and amortization 56,522 54,130 110,652 OPERATING CASH FLOW $257,745 $166,881 $424,626

Note: Excludes synergies that have been or may be realized from the Knight Ridder Acquisition.