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BRIEFLY

September 17, 1987

McClatchy Newspapers filed a registration statement with the Securities and Exchange Commission to sell stock in the company to the public for the first time. The preliminary prospectus says the family-owned company, ,the publisher of the Bee newspapers in California, will sell 2.4 million shares of Class A common stock, 1.1 million to be sold by the company, the balance by certain stockholders. The McClatchy family will retain all of Class B common stock, the company said, thus assuring that it will maintain control of the chain. Goldman, Sachs & Co., Morgan Stanley & Co. and Shearson Lehman Bros. Inc. are the underwriters. McClatchy had revealed in mid-July that it was seriously considering an initial public offering to protect the company from dissolution, raise working capital and reduce debt.

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