The McClatchy Company (NYSE: MNI)
announced today that it has sold 14.0 acres of Miami land, including the building housing its subsidiary The Miami Herald Media Company and an adjacent parking lot, for a purchase price of $236 million to Bayfront 2011 Property LLC, a subsidiary of Genting Malaysia Berhad (Genting). The transaction closed today.The Miami Herald Media Company is the publisher of The Miami Herald, El Nuevo Herald, related websites and other media businesses.Genting and its affiliates are leading developers and operators of destination resorts around the world, includingthe United States, Malaysia, Manila, Singapore and the United Kingdom.The Miami Herald Media Company will continue to operate from its existing location for up to two years rent free while McClatchy pursues other sites for its media operations. Approximately 9.4 acres of the land was previously under contract to be sold, but that agreement expired in January 2011.Gary Pruitt, McClatchy’s chairman and chief executive, said, “We are pleased to complete this transaction. The Genting team has been great to work with and has been true to its word throughout our negotiations.
“This property, located on Biscayne Bay, has been home to The Miami Herald for many years. While locating newspaper operations on the bay may have made sense in the past, it no longer is the best fit.