Summary
PHILADELPHIA -- McClatchy Co. is selling The Philadelphia Inquirer and the Philadelphia Daily News for $562 million to a group of local investors who hope to reverse circulation declines by emphasizing local news and doing more with the Internet.
The two Philadelphia papers are being bought by a group led by advertising executive Brian Tierney and Bruce Toll, co-founder of luxury homebuilder Toll Brothers Inc. The papers are among 12 currently owned by Knight Ridder that McClatchy plans to sell.See the full content of this document
Extract
Mcclatchy Sells Papers for $562m
McClatchy and the investor group said in a statement that they intend to complete the deal around the same time that McClatchy closes its deal for Knight R...
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