Kevin McClatchy Buys Minority Stake in Adult Networking Site Gather.com

Kevin McClatchy, a director at McClatchy newspaper company and part of the family, has bought a minority stake in social network Gather.com. Neither the amount nor the terms of the transaction were disclosed. Gather.com did say that it will use the proceeds of the sale for product development and global expansion. While McClatchy, who is also the CEO of the Pittsburgh Pirates MLB team, will serve as an advisor to Gather.com, it’s not clear whether the newspaper company will have any sort of relationship with the Boston-based social net. Previous investors include Allen & Company, The American Public Media Group, Hearst, The McGraw-Hill Companies, and Southern California Public Radio. Release