McClatchy's Miami Herald for sale: report
NEW YORK (Reuters) - The McClatchy Co (MNI.N) has approached potential buyers about a sale of The Miami Herald, The New York Times reported on its Web site on Saturday.
Citing people briefed on the company's plans, the Times said the nation's number-three newspaper chain, struggling with debt and a downturn in advertising, wants to sell the newspaper. Its sources were not aware of any serious offers.
A company spokeswoman refused to discuss McClatchy's overtures with the Times, saying "We do not comment on market rumors."
The Herald, with a daily circulation of some 210,000 and multiple Pulitzer Prizes, is among McClatchy's largest dailies.
The people briefed on the company's plans, who spoke on condition of anonymity, told the Times The Herald has a slim operating margin and its waterfront real estate might be the primary lure in any potential deal.
But the downturn in Florida's real estate market, which has resulted in decreasing real estate advertising for the paper, is one reason the paper is struggling, the report noted.
Through the first 10 months of this year, McClatchy's ad revenue fell 14.7 percent in other parts of the country, but 22.5 percent in California and Florida, the Times said.
The company's share price, which exceeded $75 in 2005, closed at $2.20 on Friday.
