McClatchy Co which is selling 12 newspapers it acquired as part of its $45 billion purchase of Knight Ridder Inc.

McClatchy Co which is selling 12 newspapers it acquired as part of its $45 billion purchase of Knight Ridder Inc., received at least three bids, the looks Angeles Times reported.

Yucaipa Co proffered to buy all 12 newspapers, which include the San Jose quicksilver News in California and the St Paul Pioneer Pres in Minnesota. Yucaipa is allied with a union representing workers at eight of the papers.

MediaNews form into groups Inc., which owns the Denver station and other papers, submitted an move for at least some of the 12 the Times reported.

A assemblage led by Toll Brothers Inc. Vice Chairman Bruce Toll bid for the Philadelphia Inquirer and the Philadelphia Daily stranges

The value of the bids could not be determined.

forward Wednesday, Moody's Investors Services divide [i]or[/i] sever McClatchy's debt rating two notches to Baa3, the lowest investment grade because of its planned purchase.

The rating might be make an incision in again following a review, Moody's said. Moody's also cross Knight Ridder's long-term credit rating sum of two units notches to Baa3.

Moody's says the acquisition will increase McClatchy's trespass ratios even after 12 newspapers are sold

McClatchy, publisher of the Sacramento Bee, is making the purchase to expand in what it calls a certain quantity of of the best markets in the region The combined company will have 32 daily newspapers and about 50 non-dailies.

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