Hearst buys MediaNews stake for $317 million
By Erina Lin, Tuesday 23 October 2007 at 21:22 :: Media Ownership :: #742 :: rss
MediaNews Group Inc. announced Monday that Hearst Corp. bought its stake for $317 million as part of a deal between these two private publishing groups involving several papers in San Francisco area.
According to the terms of the deal, which was first announced last year and completed Friday, MediaNews picked up newspapers that Hearst acquired from McClatchy Co. as an exchange for Hearst’s 31 percent interest in MediaNews's operations outside the Bay Area.
MediaNews disclosed the stake in a filing on Monday.
Hearst owns the San Francisco Chronicle, while MediaNews owns the San Jose Mercury News, the Contra Costa Times and other papers in the Alameda Newspaper Group.
The Mercury News and the Times used to be owned by Knight Ridder Inc., which was bought by McClatchy last year. McClatchy then sold several papers to different buyers, Reuters reported.
Comments
No comment.
Post comment