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McClatchy agrees to acquire Knight Ridder

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Sacramento, Calif.—McClatchy Co. became the second-largest newspaper chain in the country Monday when it formally agreed to acquire Knight Ridder in a deal valued at $6.5 billion, including $2 billion in debt, or about $67 a share. McClatchy said it would sell 12 of the Knight Ridder newspapers, including the Philadelphia Inquirer and San Jose Mercury News. “These are terrific publications, but simply do not fit with our long-standing acquisition and operating strategies,” said Gary Pruitt, chairman-CEO of McClatchy, in a news release. After the sales, McClatchy will still have 32 dailies, including the Sacramento Bee and Miami Herald , and 50 nondaily newspapers, with a combined circulation of 3.2 million.

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