McClatchy gives $190 million buyer more time

McCalthcy Co. hopes more time will translate into financing for the sale of 10 acres of its land next to the Miami Herald in Miami for $190 million.

In addition to giving the buyer a six-month extension, the newspaper company has unraveled the buyer’s first right of refusal on McClatchy’s separate waterfront parcel, home to the Miami Herald.

McClatchy (NYSE: MNI) has given buyer Citisquare Group until June 30 to close – extending the contract by six months. Citisquare Group can also extend the agreement until Dec. 31, by “increasing the termination fee payable to McClatchy should the deal fail to close.”

"We are pleased to reach an accommodation with Citisquare to preserve this valuable transaction,” said Gary Pruitt, McClatchy's chairman and CEO in a company statement.

Mark Siffin-led Maefield Development, a Citisquare partner, communicated to McClatchy the deal would close, according to the Dec. 30 press release.

[Source: South Florida Business Journal]