Posted on 04/26/2006 3:54:32 PM PDT by BurbankKarl
Denver's MediaNews Group agreed to buy the San Jose Mercury News and the Contra Costa Times -- the Bay Area's second and third largest newspapers -- from McClatchy Co., the companies said today.
New York's Hearst Corp., publisher of The Chronicle and SFGate, is buying the Monterey County Herald and the St. Paul Pioneer Press of Minnesota from McClatchy and will transfer ownership of those papers to MediaNews in exchange for a stake in MediaNews' operations outside the Bay Area.
The deal for all four papers was valued at $1 billion -- 11.5 times the paper's earnings before interest, taxes, depreciation and amortization.
MediaNews said the San Jose and Contra Costa papers will be part of its California Newspapers Partnership, a business arrangement that runs 20 of MediaNews' 22 California newspapers.
(Excerpt) Read more at sfgate.com ...
He owns nine Bay Area papers, including the Oakland Tribune and Marin Independent Journal, and others in Alameda, San Mateo and Solano Counties with a combined daily circulation of 300,000, as well as two local weeklies...
It wasn't so long ago that the sinking (and stinking) Merc was sold to Gannett?; Yes? Piece of socialist crapola rag it is. The Merc never saw a tax hike, a "poor illegal" story, a new gun law, a new elfare giveaway or a gay "victim" story it didn't like. Damn commies, everyone.
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