News from Marketwatch
CHICAGO, June 29, 2006 /PRNewswire via COMTEX/ -- The McClatchy Company and Tribune Media Services, a subsidiary of Tribune Company, today announced a change in the name of the Knight Ridder/Tribune Information Services (KRT). Effective immediately, the entity will be known as the McClatchy-Tribune Information Services.
With the close of the sale of Knight-Ridder, Inc. to McClatchy, the Sacramento-based media company becomes Tribune's partner in operation of the joint venture formerly known as KRT.
The McClatchy-Tribune Information Services (MCT) provides news stories, feature articles, photos, graphics, illustrations, caricatures, themed content packages and paginated products. With contributions by more than 60 newspapers in the United States and abroad and material produced by its own staff in the United States and Europe, MCT supplies content to 1,200 media clients worldwide. MCT is also a major provider of content to online information services.
The MCT products are marketed worldwide by Tribune Media Services, the content-licensing unit of Tribune Company.
"McClatchy is excited about this opportunity to join Tribune in the operation of this distinguished media service," said Howard Weaver, the McClatchy Company's vice president for news. "We are committed to maintaining the high journalism standards that have characterized the KRT service for so many years, and to finding ways to make the service a more valuable resource for our customers."
"The need for the type of content MCT provides its clients is only going to grow over the next several years," said David D. Williams, president and CEO of Tribune Media Services. "We're delighted to have McClatchy as our partner in enhancing the service and in reinforcing its position as a leading supplier of editorial material to media organizations around the world."
McClatchy and Tribune said they anticipated no changes in the way MCT aggregates and distributes content to its clients.
About The McClatchy Company
On June 27, 2006, The McClatchy Company acquired Knight-Ridder, Inc. At the time, Knight Ridder published 32 daily newspapers in 29 U.S. markets, with a circulation of 3.4 million daily and 4.5 million Sunday, along with a variety of investments in internet and technology companies.
As part of that announcement, McClatchy said it planned to sell 11 of the acquired newspapers that do not fit with the company's longstanding operating strategies and acquisition criteria, and to sell the St. Paul Pioneer Press due to anticipated antitrust concerns involving McClatchy's Minneapolis Star Tribune. On June 27, 2006, McClatchy completed the sales of the Duluth (MN) News Tribune; the Grand Forks (ND) Herald; the Aberdeen (SD) American News; and the Ft. Wayne (IN) News-Sentinel and a 75% interest in the Fort Wayne Joint Operating Agency.
Upon completion of the remaining divestitures, McClatchy will include 32 daily newspapers and approximately 50 non-dailies. Papers added through this transaction include The Miami Herald, The Kansas City Star, Fort Worth Star-Telegram and The Charlotte Observer. They will join McClatchy's 12 papers serving cities including Minneapolis, MN; Sacramento, CA; and Raleigh, NC. In addition, McClatchy combined with Knight Ridder has an expanded network of valuable internet assets.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this press release regarding the transactions between McClatchy and each of Knight Ridder, MediaNews, Hearst, Sound Publishing Holdings, Inc., Philadelphia Media Holdings LLC and The Wilkes-Barre Publishing Company Inc., the expected timetable for completing the remaining transactions, future financial and operating results, benefits and synergies of the transactions, future opportunities for the company and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," estimates and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to consummate the remaining transactions, the ability of McClatchy to successfully integrate Knight Ridder's operations and employees; the ability to realize anticipated synergies and cost savings; and the other factors described in McClatchy's Annual Report on Form 10-K for the year ended December 25, 2005 and the final Prospectus/Proxy Statement/Information Statement contained in McClatchy's Registration Statement on Form S-4 (Registration No. 333-133321). McClatchy disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.
About Tribune Media Services and Tribune Company
Tribune Media Services (TMS), a subsidiary of Tribune Company, is a leading provider of information and entertainment products for print, electronic and on-air media in the United States and abroad. It distributes TV and movie listings and related editorial content under the TMS and Zap2it brands; syndicates comics, editorial cartoons, features and opinion columns; creates and distributes a variety of online information products; licenses editorial content from national periodicals; and manages national advertising networks. TMS also markets news, features, information graphics and multimedia content to media clients around the world through the McClatchy-Tribune Information Services. For more information, visit http://www.tms.tribune.com .
Tribune Company (TRB) is one of the country's top media companies, operating businesses in publishing and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and websites in the nation's top three markets.
For more information,
contact: Steve Tippie
Tribune Media Services
SOURCE Tribune Media Services