By: E&P Staff A Securities and Exchange Commission (SEC) document filed today revealed more details regarding McClatchy?s June 7 announcement that it plans to sell five Knight Ridder papers for a total of $450 million.
Black Press has agreed to pay $165 million in cash for the Akron (Ohio) Beacon Journal. The News-Sentinel in Fort Wayne, Ind., under a joint operating agreement, was acquired for $92.6 million by Ogden Newspapers. Schurz Communications will buy the American News in Aberdeen, S.D., for $28 million in cash. Forum Communications will pick up the Duluth (Minn.) News Tribune and the Grand Forks (N.D.) Herald for $70 million and $65 million respectively.
McClatchy said it planned to divest 12 Knight Ridder newspapers when it acquired the company in March. The deal is slated to close at the end of June.
Only one paper, The Times Leader in Wilkes Barre, Pa., remains on the block.
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