We’ve kicked around the valuation question before, but largely in a vacuum. Now there is a data point that helps zero in a little bit on a number.
McClatchy owns half of The Seattle Times, 49.5 percent to be exact. The Sacramento Business Journal notes that MNI marked down the value of that holding to $10m., $9.9m. to be exact. This can only mean that McClatchy thinks the whole paper is worth about $20m.
From there note that the Times and the Uptown paper are of similar size in similar markets. Accordingly, unless MNI is deliberately understating the value of its Seattle holding, the Uptown paper must be viewed by the Sacro brain-trust as being worth no more than $25m. going forward. If we place a similar value on the N&O and say that the rest of McClatchy’s operations in the Carolinas have optimistic growth outlooks, then somewhere there is a MNI spreadsheet that says the whole Carolinas bundle is worth around $75m.
Is there someone out there with that kinda coin who could take the unit private? Stay tuned.
