McClatchy Announces Termination of Miami Land Sale

The McClatchy Company MNI announced today that the agreement to sell 10 acres of land adjacent to The Miami Herald has been terminated. Under the terms of the existing purchase agreement, as amended on January 19, 2010, the buyer had until Jan. 31, 2011, to close the transaction. Under the terms of an agreement with the developer, McClatchy is now entitled to receive a $7 million termination fee. McClatchy previously received approximately $16.5 million in nonrefundable deposits, which it used to repay debt.