By: Jennifer Saba
Private Capital Management increased its stake in McClatchy according to a form filed with the Securities and Exchange Commission on Monday.
The Naples, Fla.-based firm now owns 22% of McClatchy Class A shares as a result of the company’s recent acquisition of Knight Ridder, which closed on June 27.
Knight Ridder shareholders acquire $40 cash and .5118 of a Class A McClatchy share. According to the latest SEC form filed on May 10, PCM held about 17.5% of Knight Ridder or 11,726,123 shares.
McClatchy has a split stock with Class A and Class B shares. Class B shares are held mostly by McClatchy family members who have 10 times the voting right of Class A shareholders.
On Nov. 1, PCM filed with the SEC a letter to the Knight Ridder board demanding the eventual sale of the company.