Monday, November 06, 2006

Tribune Co. raises its stake in news site

(Crain’s) — Tribune Co. has boosted its stake in Topix.net through its contribution to a new $15-million investment in the online news site, Topix said Monday.

Tribune, along with fellow newspaper publishers Gannett Co. and Knight-Ridder Inc., had each owned 25% stakes in Topix. Tribune and Gannett now own 33.7% stakes in Topix, while recent Knight-Ridder acquirer McClatchy Co. owns an 11.9% stake.

Tribune, Gannett and McClatchy made the $15-million new investment, though the amount each invested was not disclosed. Tribune first invested in Palo Alto, Calif.-based Topix in March 2005. Like news sites owned by competitors Google Inc. and Yahoo Inc., the site monitors news Web sites and creates links to articles found on them.

Complete Story here.

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