McClatchy Newspapers will offer stock to the...

McClatchy Newspapers will offer stock to the public for the first time today. Gary Pruitt, general counsel for the family-owned newspaper group, said 2.4 million shares will be offered for sale at $16.50 each and will begin trading on the American Stock Exchange. A prospectus indicates that 25.69 million shares will remain under the control of Editor and Chairman C. K. McClatchy, six other family members and several family trusts. The company publishes the Sacramento Bee and 11 other West Coast newspapers.