SACRAMENTO — The McClatchy Co. has approached potential buyers to sell The Miami Herald, one of its most prestigious properties, The New York Times reported today.
McClatchy, the nation’s third-largest newspaper chain, is courting potential buyers to unload one of its largest assets as it struggles with debt and advertising losses, the Times said in report published on its website, citing anonymous people briefed on McClatchy’s plans.
The people cited, who requested anonymity because they were not authorized to report on any talks, were not aware of any major offers, however, the newspaper said. The people said the Herald generates a slim operating margin at a time when few investors are interested in buying newspapers.
McClatchy acquired the Herald in 2006 as part of a $4.5 billion purchase of Knight Ridder. Much of its cash flow is used to pay off that debt, the Times said.
McClatchy Treasurer Elaine Lintecum declined comment to the Associated Press on any potential sale of the Herald. In an e-mail response, Lintecum wrote, “We do not comment on market rumors.”
