Speculation that newspaper publisher McClatchy may put itself on the block is
catching fire on the blogosphere. Although analysts tell newspaper reporters
that the Dow Jones and Tribune deals are unlikely to spark further
consolidation in the industry, it hasn't stopped bloggers from asking whether
an unusual uptick in McClatchy's shares indicate a sale is likely.
However, The New York Times'
Dealbook
points out that Chicago hedge fund Citadel disclosed Friday it purchased a
5.7% stake in McClatchy, or 3.2 million shares, worth about $80 million at
current prices. Dealbook wrote:
On its face, though, Citadel seems to be making a substantial bet on shares of
McClatchy, which have fallen more than 40 percent from their 52-week high in
October. The decline came not long after McClatchy acquired rival Knight
Ridder and then sold many of the newspapers it picked up in the deal.
Of course, Citadel's big bet may be tied just to a sale of additional assets.
Earlier rumors
suggested
that McClatchy may sell its 15% stake in CareerBuilder. On the other hand,
McClatchy CEO Gary Pruitt
said
in March that he would consider a sale to a private equity firm.
—Matthew Wurtzel
See
story from Dealbook
See
story from CNNmoney's MediaBiz Blog
See
CareerBuilder story from Dealscape
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