Report: Owner of Miami Herald to Sell Paper

The McClatchy Co. has approached potential buyers to sell The Miami Herald, one of its most prestigious properties, The New York Times reported Saturday.

McClatchy, the nation's third-largest newspaper chain, is courting potential buyers to unload one of its largest assets as it struggles with debt and advertising losses, the Times said in report published on its Web site, citing anonymous people briefed on McClatchy's plans.

The people cited, who requested anonymity because they were not authorized to report on any talks, were not aware of any major offers, however, the newspaper said. The people said the Herald generates a slim operating margin at a time when few investors are interested in buying newspapers.

McClatchy, headquartered in Sacramento, acquired the Herald in 2006 as part of a $4.5 billion purchase of Knight Ridder. Much of its cash flow is used to pay off that debt, the Times said.

McClatchy Treasurer Elaine Lintecum declined comment to the Associated Press on any potential sale of the Herald. In an e-mail response Saturday, Lintecum wrote, "We do not comment on market rumors."