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McClatchy Newspapers Takes the Long View on its Big Buy.(Originated from The Sacramento Bee, Calif.)
Knight Ridder/Tribune Business News, November, 1997 by Kasler, Dale
Nov. 16--McClatchy Newspapers Inc. called its $1.4 billion purchase of a Minneapolis media company "a once in a lifetime opportunity" but acknowledged Friday that the mammoth deal is likely to temporarily hurt McClatchy's profitability.
"Looking to the long-term benefit of the deal, it's extraordinary," McClatchy President and Chief Executive Gary Pruitt said of the acquisition of Cowles Media Co., publisher of the Star Tribune of Minneapolis.
The purchase will be one of the largest acquisitions ever of a single U.S. newspa--Leg 1 is 16 lines deep per, and is likely the largest undertaken in any industry by a Sacramento-based company. McClatchy stock fell 14 percent amid investment analysts' concerns about the purchase price for Cowles Media...
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