Detroit Free Press Selling for $262M

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(AP) Knight Ridder Inc. will receive $262 million for selling the Detroit Free Press to Gannett Co., according to a regulatory filing Knight Ridder made Tuesday.

The nation’s two largest newspaper publishers announced the sale Wednesday but did not disclose a selling price. In addition, it was announced Wednesday that MediaNews Group Inc. had assumed ownership of The Detroit News from Gannett.

Knight Ridder disclosed the purchase price for the Detroit Free Press in a filing made Tuesday with the Securities and Exchange Commission.

The Detroit newspapers say they will compete head-to-head each weekday and Saturday as morning dailies beginning in early 2006. The News, under its previous agreement, could not deliver morning papers to homes in metro Detroit.

The Free Press will alone publish a Sunday newspaper instead of the current joint paper.

In addition to the purchase price of $262 million, Knight Ridder said it would also get about $23 million in balance sheet adjustments in the Free Press deal, subject to final adjustments.

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