Latest news on changeover

KR Web Site Gone. See full story

Just one day after McClatchy's acquisition of Knight Ridder, visitors to the Knight Ridder corporate home page are already directed to McClatchy's Web site. E&P reports that McClatchy, has in turn, taken the opportunity to freshen up its rather dated online look. Perhaps taking a cue from Knight Ridder, which had a very useful, concise Web presence, visitors no longer have to squint to go through the many links on McClatchy's rail.

The new site is clean and much easier to navigate. Visitors can check on any McClatchy newspaper (including former Knight Ridder properties it has retained) with a search box that scrolls states. Choose a location and a second box appears with the corresponding newspapers. Also featured prominently: the company's stock price. Knight Ridder's Washington bureau is already branded as "McClatchy Washington Bureau.”

McClatchy shares hit five-year low

The stock price for The McClatchy Co. fell to its lowest point in nearly half a decade Wednesday, just one day after the company completed its historic takeover of Knight Ridder Inc. McClatchy shares closed Wednesday at $39.00, down more than 25 percent since the merger was first announced in March.

McClatchy has not felt its shares dip this low since mid-2001.

S&P cuts McClatchy, Knight Ridder on acquisition See full story

NEW YORK, June 28 (Reuters) - Standard & Poor's on Wednesday cut its ratings on McClatchy Co. () and Knight Ridder Inc. (KRI) , citing higher debt as a result of McClatchy's purchase of the second largest U.S. newspaper publisher.

"McClatchy's financial profile is weak for the ratings," S&P said in a statement. "However, the company's financial position is expected to improve to levels more appropriate for the rating as McClatchy focuses on debt reduction," the ratings agency said.

The company will sell newspapers as part of a plan to reduce debt taken on for the purchase. McClatchy expects to complete the sale of the two Philadelphia newspapers today and will use the $515 million in gross proceeds to repay debt of its revolving credit facility, S&P said.

The remaining six to-be-divested newspapers will result in gross proceeds of about $1.2 billion, S&P said.

S&P cut both McClatchy's corporate credit rating and Knight Ridder's senior unsecured debt one notch to "BBB," its second lowest investment grade ranking, from "BBB-plus." McClatchy's senior unsecured debt was affirmed at "BBB."

The outlook is stable, indicating an additional cut is not likely over the next two years.