Golf Outing Tickets

The Real Deal Miami

McClatchy’s 10-acre Miami sale falls through

February 01, 2011 02:56PM

The nation’s third-largest newspaper chain announced today that its deal to sell 10 acres of land adjacent to the Miami Herald fell through on Monday. The McClatchy Company has been in talks with an unnamed buyer to sell the parcel of land to cover debts, after eliminating 4,150 jobs since June 2008. Although the price was not disclosed, reports show that McClatchy will received a $7 million termination fee, after collecting $16.5 million in nonrefundable deposits. Pat Talamantes, CFO of McClatchy, said his company was weighing its options. “While we would have preferred to close the transactions on the terms under the purchase agreement, we retain a valuable parcel of 10 acres in an attractive area and believe we will have numerous options to monetize this asset,” he said. [BizJournal]