McClatchy ( MNI - Get Report) said it will sell its Philadelphia newspapers to closely held Philadelphia Media Holdings for $515 million in cash.

The purchase includes two dailies, the Philadelphia Inquirer and the Philadelphia Daily News, and other assets including philly.com. Philadelphia Media Holdings, an investment group led by ad exec Brian Tierney, will assume $47 million in pension liabilities, the parties said.

The sale comes after McClatchy agreed to buy Knight-Ridder on March 13 in a transaction valued at some $6.5 billion.

As part of that announcement, McClatchy said it planned to sell 11 noncore newspapers , plus the St. Paul Pioneer Press, which raised antitrust concerns vis a vis McClatchy's Minneapolis paper, the Star Tribune. McClatchy is now in the process of offloading six remaining papers and says it "has received significant interest in all of the publications from potential bidders around the country."

"We are delighted to receive a full, fair price consistent with our projections, and further gratified about the buyer's commitment to the community, to good journalism and to the heritage of both these fine newspapers," said McClatchy Chief Executive Gary Pruitt. "We couldn't be more pleased with this result."

McClatchy shares closed down 80 cents to $46.19.

Knight-Ridder shares declined 50 cents to $62.62 on Tuesday.