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Hearst pays $317 million for MediaNews stake

Mon Oct 22, 2007 5:23pm EDT

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NEW YORK, Oct 22 (Reuters) - MediaNews Group Inc said on Monday that Hearst Corp bought a stake in the company for $317 million as part of a complex deal between the two privately held publishers involving several San Francisco-area papers.

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Under the terms of the deal, first announced last year and completed last Friday, MediaNews picked up papers that Hearst bought from McClatchy Co (MNI.N) in exchange for giving Hearst a 31 percent interest in MediaNews's operations outside the San Francisco region.

MediaNews disclosed the stake in a filing with U.S. securities regulators on Monday.

Hearst owns the San Francisco Chronicle. MediaNews owns surrounding daily papers, such as the San Jose Mercury News, the Contra Costa Times and other papers in the Alameda Newspaper Group.

The Mercury News and the Times were previously owned by Knight Ridder Inc, which was bought by McClatchy last year. McClatchy then sold off several papers to different buyers. (Reporting by Robert MacMillan)

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