Monday, December 8, 2008

Report: McClatchy shopping Miami Herald

Financially strapped McClatchy Co. is attempting to shed The Miami Herald, one of its largest and most-respected newspapers, according to news reports.

The Sacramento-based company – owner of The Sacramento Bee and 29 other daily newspapers – acquired the Herald as part of its $4.5 billion purchase of Knight Ridder Newspapers Inc. in 2006.

Now, the company, because of declining advertising and heavy debt, is shopping the newspaper to potential buyers, according to a New York Times report Saturday. The newspaper cited anonymous sources.

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