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SAN FRANCISCO (MarketWatch) -- McClatchy Co. late Wednesday said it has agreed to sell four Knight Ridder Inc. newspapers for $1 billion cash to MediaNews Group Inc. and Hearst Corp. MediaNews is buying the San Jose Mercury News and Contra Costa Times, and Hearst is buying the Monterey Herald and the St. Paul Pioneer Press. Separately, Hearst has agreed to contribute the St. Paul Pioneer Press and Monterey Herald to MediaNews in return for an equity investment in the non-San Francisco Bay Area assets of MediaNews. In the event such a transaction is not consummated, MediaNews has agreed to buy these newspapers from Hearst. McClatchy last month agreed to buy Knight Ridder for $6.5 billion. Earlier, McClatchy said it had received a request for additional information from the Department of Justice regarding the deal. The four-newspaper sale is expected to close after the Knight Ridder transaction closes.
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