Report: McClatchy to shed Real Cities Network
The McClatchy Co. is expected to announce a deal for its Real Cities Network early Thursday, ending months of rumors about the newspaper publisher selling the once-popular online network, according to a media report.
Chicago-based Centro, an online media buying company that connects media agencies and newspapers, will likely announce the purchase Thursday. Financial terms were not disclosed.
McClatchy executives confirmed discussions – and being close to a deal – several weeks ago, but said negotiations stalled. Company officials were not available for comment late Wednesday.
The Sacramento-based company – publisher of The Sacramento Bee, Miami Herald and 28 other daily newspapers – acquired Real Cities as part of its Knight Ridder Inc. purchase in June 2006. Knight Ridder, formerly the nation’s second-largest newspaper chain, created the Real Cities Network several years ago and reports 44 million monthly unique visitors per month, according to PaidContent.org, which first issued the report late Wednesday cash til payday loan.
Cash-strapped McClatchy continues to cut costs – recently detailing the elimination of 10 percent of its work force – and looks to increase revenue.
Shares of McClatchy (NYSE: MNI) inched up 1 cent to $3.90 in trading Wednesday, much lower than its one-year peak of $24.05.
Staff writer Melanie Turner contributed to this report.