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Here’s A US Newspaper Horror Story – Since The Day McClatchy Announced Its Knight-Ridder Purchase Its Shares Are Down 69% Whereas The Dow Jones Averages Gained 17%
Philip Stone November 14, 2007
McClatchy has filed papers with the Securities & Exchange Commission that it is writing down the value of the company by some $1.52 billion ($1.38 billion after tax considerations) reflecting the huge drop in its share price and the diminished value of the newspapers it kept from Knight-Ridder. available for restricted access.
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