By: E&P Staff
The McClatchy Company said Wednesday that the U.S. Department of Justice (DOJ) is requesting additional information about its acquisition of Knight Ridder Inc., specifically about the Minneapolis/St. Paul area.
McClatchy already publishes the Minneapolis Star Tribune, and is acquiring the St. Paul Pioneer Press in the Knight Ridder deal. At the time the deal was announced, McClatchy said it intends to sell off the Pioneer Press.
While the request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act–giving DOJ more time to review the deal for antitrust implications–McClatchy portrayed it as good news in its effort to close the Knight Ridder deal.
“This represents a step forward in our effort to close our deal with Knight Ridder in a timely manner,” Karole Morgan-Prager, McClatchy’s vice president and general counsel said in a statement. “We are delighted that the Department of Justice review confirms our belief that there would be no antitrust concerns other than in the twin cities of Minneapolis and St. Paul, where we intend to sell the Pioneer Press to remove any concern.”
Separately, Knight Ridder filed a Form 8K with the U.S. Securities and Exchange Commission Wednesday afternoon, saying it has scheduled its annual meeting for June 26.