Citadel Takes Stake in McClatchy
Citadel Investment Group has revealed a 5.7% stake in newspaper owner
McClatchy
(MNI) - Get Report
.
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
(GOOG) - Get Report
and
Yahoo!
(YHOO)
.
Shares of McClatchy were up 6 cents to $25.60 early Friday.
