Citadel Takes Stake in McClatchy

The hedge fund reports owning 3.2 million shares of the newspaper publisher.
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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

Google

(GOOG) - Get Report

and

Yahoo!

(YHOO)

.

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