Lighthouse image

Black Press Purchases Akron Beacon Journal

7.27.06

818 BROUGHTON STREET
VICTORIA, B.C. V8W 1E4
BUS:  (250) 480-3220
FAX:  (250) 480-3219

Contact for Black Press Ltd.
David Black
250-480-3220

Black Press Ltd. to purchase the Akron Beacon Journal from the McClatchy Company

Victoria, BC, June 7, 2006 - Black Press Ltd. today announced a definitive agreement to purchase the Akron Beacon Journal from The McClatchy Company (NYSE: MNI).  The purchase covers the Akron Beacon Journal and certain publications and web sites related to the newspaper.  The Akron Beacon Journal is currently owned by Knight Ridder, Inc., which McClatchy has agreed to acquire.  The parties intend to close the transaction within roughly the same time frame as the close of McClatchy’s Knight-Ridder acquisition, which is expected this summer.

The Akron Beacon Journal will be purchased by Sound Publishing Holdings, Inc., a wholly owned subsidiary of Black Press Ltd.  Black Press Ltd. is a private company that owns and operates 115 newspapers in western Canada, Washington State and Hawaii.  Most of the papers are published one to three times per week.  The largest daily owned prior to the acquisition of the Akron Beacon Journal was the Honolulu Star-Bulletin.  Black Press Ltd. is 80% owned by the David Black family and 20% by Torstar Corporation.

“Under the direction of the Knight family, the Akron Beacon Journal has been a good community newspaper for a long time.  We believe in the same focus on local journalism of high quality,” said Black Press Ltd. CEO David Black.

“Our aim throughout the divestiture process was to find the right buyers for the right newspapers,” said Gary Pruitt, Chief Executive Officer of McClatchy.  “We believe that Black Press Ltd. and the Akron Beacon Journal are a great fit, and we look forward to seeing this relationship develop in the future.”

Dirks, Van Essen & Murray served as broker to McClatchy in this transaction.  Wilson Sonsini Goodrich & Rosati served as legal counsel to McClatchy, and Patterson Adams served as legal counsel to Black Press Ltd.