Tuesday, December 23, 2008
McClatchy stock for 50 cents a share?
How much longer before you can buy a share of McClatchy stock for 50 cents -- the newsstand price of a single McClatchy newspaper?
Maybe very soon. Lee newspaper shares are down to 35 cents. At $1.35 a share, Media General seems like a fat cat, thanks in part to a boost by investor Mario Gabelli. McClatchy, which closed today at 75 cents a share, seems to be tracking Lee Company.
Oddly, bankruptcy seems to have strengthened the Tribune company -- its stock has roared back to over $2 a share.
The execs at MNI have got to be looking at the upward surge in Tribune's stock, and pondering the ramifications -- good and bad -- of a McClatchy bankruptcy.