McClatchy Estate Sells Shares: The estate of...
- Share via
McClatchy Estate Sells Shares: The estate of C. K. McClatchy, chief executive of McClatchy Newspapers until his death April 16, sold a million shares of Class A stock in the chain of 13 newspapers to pay estate taxes. Gary B. Pruitt, general counsel for the Sacramento-based company, said the sales were to a broad base of purchasers and will have no effect on control of the newspapers. McClatchy family members and trusts control the company’s Class B stock, which has a 10-to-1 voting advantage over the publicly traded Class A stock. The price dropped $1.75 a share Tuesday on the NYSE and closed at $22.125.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
