Monday, December 22, 2008

The Miami Herald land deal is supposed to close next week, but...

The Miami Herald's major land deal involving 10 acres of bay-front property around the Herald building is supposed to close escrow next week. The deal is worth $190 million, and should net McClatchy $115 million, after taxes.

CEO Gary Pruitt's recent public statements about the deal have been tentative, raising questions about whether the deal will happen. Has the buyer obtained the financing? Are the parties re-negotiating?
If the deal collapses, it will be a mid-sized catastrophe for debt-burdened McClatchy. Stay tuned.


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