Miami Herald for sale
McClatchy Co., the Calif.-based newspaper chain is looking to sell off one of its largest papers. It cited unnamed sources.Declines in print advertising drove the decline, falling 23.3 percent to $128 million in October. On-line advertising revenue partially offset the decline, with a 12.4 percent gain in October to $16.4 million. In June, the Herald announced widespread layoffs with plans to cut 250 full-time jobs or 17 percent of the newspaper's workforce. According to the paper’s website, it has 1,165 full-time and 244 part-time employees. McClatchy purchased the Herald from Knight-Ridder in 2006 for $4.5 billon. Knight-Ridder had owned the paper since 1937. The Herald has a prime waterfront location in downtown Miami, but with the downturn in the real estate market, it's unclear if that would generate interest among buyers.
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