Gates Charity Lent to MediaNews
The Bill & Melinda Gates Foundation was among a group of organizations that loaned at least $385 million to MediaNews Group Inc. for the acquisition of California newspapers.
The foundation, the world’s largest philanthropic organization, loaned an unspecified amount to MediaNews, the Denver-based company said in an Aug. 8 filing with the Securities and Exchange Commission.
MediaNews, which also owns the Denver Post, agreed in April to buy four newspapers, including the San Jose Mercury News and Contra Costa Times, from Sacramento-based McClatchy Co. for $1 billion.
MediaNews also bought the Monterey Herald in Northern California and the St. Paul Pioneer Press in Minnesota.
Hearst Corp., which owns the San Francisco Chronicle, also bought a minority interest in the St. Paul and Monterey papers, according to the filing.