Dec 7, 2008 12:25 am US/Eastern
Is The Miami Herald Up For Sale
The Rocky Mountain News, Colorado's Oldest Newspaper, Was Put Up For Sale This Week After Losing About $11-Million The First 9 Months Of The Year
MIAMI (CBS4) ―
-
-
The owner of The Miami Herald and El Nuevo Herald in October cut its dividend and announced jobs cuts as the housing slump curbs ad demand in McClatchy's California and Florida markets
CBS
The Miami Herald is for sale, according to a report on The New York Times Web site Friday night.
The website report said The McClatchy Company, the nation's third-largest newspaper chain, has approached potential buyers, but "they knew of no serious offers for the paper, reflecting the evaporation of major investors' interest in buying newspapers."
A McClatchy spokesperson declined to comment on "market rumors," the Times said.
The article said: "The people briefed on the company's plans say The Herald generates a very slim operating margin and that the most attractive part of any deal could be its prime waterfront real estate. But the Florida real estate market is in deep recession — one of the reasons for the struggles of the paper, which used to benefit from heavy real estate advertising."
The report comes a day after E.W. Scripps put its Rocky Mountain News up for sale, setting a deadline of four to six weeks to find a buyer.
It was in 2006, that Knight Ridder (owner of The Miami Herald) company's board approved a sale to the smaller McClatchy newspaper company for $4.5 billion in cash and stock. It did so after years of struggling to grow its readership, profits, and stock price.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
The top stories on CBS4.com
Burned Teen's Family Staying Positive
Click to enlarge
Stumble It!
