Jay Allen Sanford 6:52 a.m., Dec. 5
More Copley Competition:McClatchy's Miami Herald Reportedly on the Block
The New York Times has reported on its website that Sacramento-based McClatchy is looking to sell its flagship Miami Herald. This would complicate the Union-Tribune's attempt to sell itself. Copley Press announced in July that it wants to unload the U-T, now its only holding, but there has been no announcement of progress, partly because other papers, such as in Austin, Texas, and Denver, are also on the market, which is almost non-existent for metro dailies. McClatchy's stock was selling around $55 when it bought Knight-Ridder, then the Herald's parent, in early 2006. McClatchy stock is selling for $2.30, up 10 cents, this morning (Dec. 8). Meanwhile, the Wall Street Journal is reporting that Tribune Co., which owns the L.A. Times, could file for Chapter 11 bankruptcy as early as this week. Advertising at its papers plunged 19 percent in the third quarter. Tribune has a $12 billion debt load, greatly incurred in a kinky deal in which real estate tycoon Sam Zell took over the company a year ago.