Aug 11, 2008

Great Seattle property, will sell cheap

McClatchy Co. has lowered the value of it's 49.5% stake in the Seattle Times t0 $9.9 million, down from $102 million just two years ago. The carrying value is set for accounting purposes and does not necessarily reflect the price McClatchy would ask were it to sell. Indeed, there is nothing in the reports I've read to suggest McClatchy plans to put its stake on the market.

Still, let's try to put that valuation in perspective. Cher is selling her Malibu mansion for $45 million. While the 14,000-square-foot house does have an ocean view and a tennis court, it has never won a Pulitzer Prize and has very little to offer in the way of breaking news or investigative reporting.

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