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$1.4B Cowles Media buy triggers imminent sale of magazines
In a surprise move that creates a new major player in the newspaper world, Sacramento, Calif.-based McClatchy Newspapers has agreed to purchase the Minneapolis Star Tribune and its parent company, Cowles Media, for cash and stock valued at $1.4 billion. The acquisition, one of the newspaper industry's costliest, makes McClatchy the eighth largest newspaper company in terms of overall circulation.
The Star Tribune is the leading daily in Minnesota, with circulation of 387,000 daily, and 673,000 on Sunday. "[This] is a rare...