Citadel Takes Stake in McClatchy

Citadel Investment Group has revealed a 5.7% stake in newspaper owner McClatchy (MNI Quote).

According to a filing submitted with the Securities and Exchange Commission Friday, the hedge fund run by Kenneth Griffin owns more than 3.21 million shares in McClatchy, which owns newspapers such as the Miami Herald and Sacramento Bee.

McClatchy, as with many print publishers, has been seeing slack performance as online publishers challenge print counterparts for advertising sales. McClatchy itself has been seeking to gain more traction via investments on the Internet and trying to form partnerships with Web-based companies such as Google(GOOG Quote) and Yahoo!(YHOO Quote).

Shares of McClatchy were up 6 cents to $25.60 early Friday.