Times Mirror Sells McClatchy Stake: Times Mirror Co. said it has sold its stake in McClatchy Newspapers Inc., publisher of the Sacramento Bee and other dailies. The Los Angeles-based publisher of the Los Angeles Times and other newspapers said in a filing with the Securities and Exchange Commission that it sold 293,900 Class A common shares of McClatchy between Oct. 12 and Dec. 1 at prices ranging between $20.01 and $21.45 a share. "We have a great deal of respect for McClatchy. However, we are focusing on the efficiency with which we employ our capital and increasing our concentration on investments in our operating assets," Tom Unterman, Times Mirror's chief financial officer, said in explaining the sale. In June 1989, Times Mirror reported holding a 7% stake, or 293,900 shares, of the Sacramento-based publisher. Times Mirror stock closed up 37.5 cents at $34.50 on the New York Stock Exchange. McClatchy was off 12.5 cents at $22.625, also on the NYSE.
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