The McClatchy Co., burdened by debt and a steep slide in newspaper advertising, wants to sell one of its most prized properties, The Miami Herald, according to people briefed on the company's plans.
McClatchy, the nation's third-largest newspaper chain, has approached potential buyers for The Herald, said these people. But they said they knew of no serious offers for the paper, reflecting the evaporation of major investors' interest in buying newspapers.
The company refused to discuss the matter. Elaine Lintecum, the treasurer, said, "We do not comment on market rumors."
The Herald is one of the largest of McClatchy's 30 daily papers, with daily circulation of 210,000. It is also arguably the most prestigious, having won 19 Pulitzer Prizes. But it is not clear what kind of bids it might fetch, if any; with newspaper profits shrinking fast, the economy contracting and credit tight, many newspapers have been on the block for months without selling.
Update - 11:30 a.m. Monday: Tony Hopfinger at the Alaska Dispatch has more:
Anchorage Daily News shutters Juneau bureau as parent company flounders
There are many reasons for the downturn – a weak economy, the Internet, etc. But one explanation that often goes unmentioned is the generally poor management within the newspapers themselves. It’s surprising how many editors, publishers and executives have been allowed to keep their jobs as their papers crumble around them. In any other business, these managers would be replaced. Instead, failures are blamed on “markets” and “ad dollars” and “the Internet,” instead of lack of vision and poor leadership.
One example is the Daily News’ decision to shutter its bureau in the state capitol. The paper had been staffing the bureau during the legislative session, and it used to have a full-time reporter in Juneau a couple years ago. At a time when Alaska’s governor has become a national rock star, when the biggest corruption scandal in state history continues to unfold, when low oil prices threaten to lead to budget deficits, why would the Anchorage Daily News close its Juneau bureau entirely?
One might add to the term "national rock star" for Sarah Palin, "biggest political laughingstock of the 21st Century."