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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.

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Comments

inactive Dec. 8, 2008 @ 10:57 a.m.

Tribune just filed chapter 11. I guess sam zell couldn't cover that 1 billion in interest he has coming due Do you think maybe now he's questioning the decision to take the company private?? I wonder how this will affect Tribune's ability to sell the Cubs and Wrigley Field and the regional cable sports nework?

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Don Bauder Dec. 8, 2008 @ 12:31 p.m.

Response to post #1: The Cubs aren't part of the BK filing. BK might even hasten sale of Cubs. Zell put comparatively little of his own money into this deal. He dumped the ownership on employees. I wonder what they are saying now. Best, Don Bauder

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valueinvestingisdead Dec. 8, 2008 @ 6:55 p.m.

Rocky Mountain News is up for sale after 150 years....SAD!

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Don Bauder Dec. 8, 2008 @ 8:22 p.m.

Response to post #3: Yes, Rocky Mountain News just went up for sale, as previously reported on this site. So Herald and Rocky Mountain News are the most recent ones going on the market. There is a rumor that the U-T could be sold at a low price fairly soon, but it remains only a rumor. Best, Don Bauder

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Ponzi Dec. 9, 2008 @ 11:23 a.m.

The Seattle Times and New York times just completed deals this week involving pledging their real estate. In Seattle it was the Seattle Times building an dother real estate holding near Lake Union. The New york Times pledged the property in Manhattan that their office sit on. There maybe more to the story, but there are rumors The New York Times may be facing a problem paying on a note in the second quarter of 2009. (The BK word about the NYT is rumored as well.)

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Don Bauder Dec. 9, 2008 @ 11:45 a.m.

Response to post #5: Yes, the Times is pledging real estate. I hadn't heard the BK rumor in re the Times. Best, Don Bauder

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