McClatchy to Buy Back Up to $200M Stock

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(AP) McClatchy Co. on Monday said its board approved the repurchase of up to $200 million in Class A common stock, citing its high amount of free cash flow.

The newspaper and Internet publisher said it will buy back stock based on market prices, availability and other conditions.

“Our substantial free cash flow will allow us to repurchase shares in the open market, opportunistically invest in our newspapers and internet operations, and still reduce our outstanding debt,” said Chief Financial Officer Patrick Talamantes in a statement.

McClatchy shares rose 90 cents to $62.88 in morning trading on the New York Stock Exchange.

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