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NEW YORK (AFX) - McClatchy Co. will receive $65 million for a former Knight Ridder newspaper it agreed to sell on Monday, the company said in a securities filing Wednesday.
McClatchy said Wilkes-Barre Publishing will pay $65 million cash and assume certain liabilities for the Wilkes-Barre Times Leader, of Wilkes-Barre, Pa.
McClatchy, which acquired the Leader from Knight Ridder, announced the planned sale to Wilkes-Barre Publishing on Monday but did not disclose the terms.
On Tuesday, McClatchy became the nation's second-largest newspaper publisher by circulation when it closed its acquisition of Knight Ridder, which operated 32 papers.
The closing cleared the way for the sale of 12 of the Knight Ridder papers, including the Leader, to various groups of investors. McClatchy had already reached agreements to sell the papers, saying they did not fit the company's criteria of being located in rapidly growing markets.
McClatchy already had 12 papers. With the 20 Knight Ridder papers it is keeping, the publisher now operates 32 publications. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
