Tuesday, December 30, 2008

Herald land sale put on hold

UPDATED with link to Herald story.

The McClatchy Company [Miami Herald's parent company] announced today that it has extended the closing date of its agreement to sell 10 acres of land adjacent to The Miami Herald in order to allow the buyer additional time to arrange financing in this difficult credit environment.

The purchase price remains unchanged at $190 million -- $10 million of which McClatchy has already received in the form of a nonrefundable deposit.

With the acquisition of Knight-Ridder, Inc. in 2006, McClatchy inherited an agreement to sell The Miami Herald's 10-acre parking lot with no expiration date on the deal. The contract had subsequently been amended to require closing by Dec. 31, 2008.

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