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McClatchy to buy Knight Ridder for $4.5 billion

New York: Knight Ridder Inc, the United States' second-largest newspaper company, has agreed to be sold to rival chain McClatchy Co for about $4.5 billion in cash and stock, according to published accounts.

The deal would mark the end of 32-year-old Knight Ridder and would fold its 32 papers, including The Miami Herald and The Philadelphia Inquirer, into McClatchy's stable of titles that already includes The Sacramento Bee and The News & Observer in Raleigh, North Carolina.

The New York Times and Wall Street Journal, citing unidentified sources involved in the negotiations, said Knight Ridder agreed on Sunday night to the deal, which was expected to be announced on Monday. The papers said McClatchy agreed to pay about $67 a share in cash and stock for Knight Ridder.

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