Hearst Buys Stake in MediaNews Group

Oct 26, 2007


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MediaNews Group, Inc. announced that The Hearst Corporation completed its investment in MediaNews on October 19, 2007. The purchase price paid by Hearst for the equity investment was approximately $317 million, of which approximately $290 million was used to pay the purchase price of The Monterey County Herald, the Pioneer Press (St. Paul) and the Daily Breeze (Torrance, CA), and the remaining $27 million was paid to MediaNews in cash. Hearst received a 31% interest in the non-Bay Area business of MediaNews and did not receive any governance or economic rights or interest in MediaNews' publications in the San Francisco Bay area. MediaNews is the nation's fourth largest newspaper company, with headquarters in Denver, CO.

(www.medianewsgroup.com, www.hearst.com)