Justice Department Clears McClatchy Sale of Bay Area Newspapers

JUSTICE DEPARTMENT CLEARS MCCLATCHY SALE OF BAY AREA NEWSPAPERS
[SOURCE: Associated Press]
The U.S. Justice Department said it had ended an investigation into the 3-month-old deal involving the San Jose Mercury News, Contra Costa Times and The Herald in northern California and the St. Paul Pioneer Press in Minnesota. "After a careful investigation ... the antitrust division determined that the transaction if not likely to reduce competition substantially,'' the Justice Department said in a statement. The Justice Department's blessing came on the same day that MediaNews' financing for the deal was set to expire. MediaNews warned it might incur more than $20 million in additional expenses if its financing package unraveled.
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