McClatchy Receives More Than $38 Million in Distributions From Equity Investments in 2012
SACRAMENTO, Calif. The McClatchy Company (NYSE-MNI) said today that it has received nearly $34 million in distributions from its equity investments this month and $38.6 million thus far in 2012.
McClatchy noted that on Tuesday, Dec. 18, 2012, it received $18.9 million in a cash distribution from Classified Ventures, LLC. Classified Ventures is a growing internet company that owns two of the nation's premier classified websites, the auto website Cars.com and the rental site Apartments.com. McClatchy owns a 25.6% interest in Classified Ventures.
Earlier today, CareerBuilder, LLC made a distribution of $15.0 million to McClatchy. CareerBuilder operates the country's leading jobs site, and McClatchy owns 15.0% of the company.
Other equity investments distributed smaller amounts to McClatchy earlier in 2012, and when added to these distributions, McClatchy received distributions totaling $38.6 million for all of 2012.
McClatchy noted that in 2011 it received a $17.4 million distribution from Classified Ventures and a $7.5 million distribution from CareerBuilder. Coupled with other dividends from equity investments, McClatchy received distributions totaling $31.6 million in 2011.
The McClatchy Company is a leading media company, offering a wide array of print and digital news products in each of the markets it serves. As the third largest newspaper company in the United States, McClatchy's operations include 30 daily newspapers, community newspapers, websites, mobile news and advertising, niche publications, direct marketing, direct mail services and digital marketing solutions. The company's largest newspapers include The Miami Herald, The Sacramento Bee, Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer and The News & Observer in Raleigh, N.C. McClatchy is listed on the New York Stock Exchange under the symbol MNI.
This press release contains forward-looking statements, as defined under the federal securities laws. These forward-looking statements include statements regarding the Company's expectation regarding completion (subject to the conditions in the tender offer) of its Offer for the Notes. These forward-looking statements are not guarantees and are subject to risks, uncertainties and assumptions that could cause the timing of the Offer to Purchase and other tender documents, as well as completion of the Offer, to differ materially and adversely from the timing expressed in the forward-looking statements in this press release. Factors that could cause actual results to differ materially include risks and uncertainties, including but not limited to risks associated with the preparation of such tender offer documents and the failure to meet one or more specified conditions set forth in the Offer to Purchase for the Offer. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the Company's expectations as of the date hereof. The Company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE The McClatchy Company