McClatchy accepts $6M to delay land deal

The McClatchy Co.  is pocketing $6 million this week by allowing a suitor to delay closing on a deal to buy land adjacent to the company’s Miami Herald, the Sacramento Business Journal said Wednesday.

Citisquare Group LLC previously paid a $10 million non-refundable deposit and, under the new agreement, if it fails to close the purchase by January 31, 2011, will have to pony up another $7 million.

Citisquare had until December 31, 2009, to close the transaction on 10 acres next to the newspaper plant.

The publisher will release a new look at the land’s value in its 4th quarter earnings report January 27, the Business Journal said.


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