For the past few years, The McClatchy Company (NYSE:MNI) has confronted the shift of advertising dollars from print to digital like every other newspaper company. High debt and pension liabilities from a different era have further exacerbated the decline. These issues have obscured the value of McClatchy's growing digital assets. Since the beginning of the year however, value is beginning to be recognized.
MNI shares are up 41% year to date thanks to the sale of Apartments.com for $585 million and reduction in pension obligations (due to higher interest rates). Despite the rally, I believe significant upside still remains. Cars.com is much more valuable than Apartments.com and is reportedly being shopped by the owners of Classified Ventures, which...
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