KR to receive $262 million in swap

Knight Ridder Inc. will receive $262 million for selling the Detroit Free Press to Gannett Co., according to a regulatory filing made Tuesday.

Knight Ridder, the second-largest newspaper publisher in the country, and Gannett, the largest, announced the sale last Wednesday but did not disclose a price until Tuesday.

Knight Ridder disclosed the purchase price for the Detroit Free Press as well as other details about a separate set of newspaper exchanges in a filing made Tuesday with the Securities and Exchange Commission.

In addition to the purchase price of $262 million, Knight Ridder said it would also get about $23 million in balance sheet adjustments in the Free Press deal, subject to final adjustments.