The bids are in for the Philadelphia Inquirer and the Philadelphia Daily News, among the dozen papers being sold by McClatchy to finance its purchase of the Knight-Ridder chain. NYT has confirmed three bidders; Mort Zuckerman, the local Philadelphia Media Holdings group and MediaNews Group, which already has a complex deal to acquire other KR papers from McClatchy. Yucaipa Cos. in concert with the Newspaper Guild is expected to bid while other report include bids from Black Press Ltd. with partner Canadian firm Onex and former KR exec Christopher Harte working with Avista capital Holding. Estimated prices: $400-600 million.
Part of the deal: Philly.com, which delivers around 20 million page views a day, according to Alexa.com. How it will fare outside the KR Real Cities network is no certainty; it could be better off.
Update: E&P: McClatchy’s annual meeting took place Wednesday in Sacramento. With shares down 12 percent since its bid to acquire KR was accepted, Chairman and CEO Gary Pruitt urged shareholders to look at the way the stock price has bounced back after earlier acquisitions.
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