MNI faces 50% writeoff of KRI deal

The McClatchy Co. could be on track to write off half of the $4.4 billion it paid for the Knight Ridder newspapers it proudly acquired in the summer of 2006.The dramatic failure of the transaction – which took place in the early days of a catastrophic downturn for the newspaper industry that few foresaw at the time – is evident in McClatchy’s announcement today that it will have to take the