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Tribune and McClatchy Rally on Takeover Speculation

Gannett Co. Inc. (NYSE: GCI) announced it will buy Journal Media Group Inc. (NYSE: JMG), which owns the Milwaukee Journal Sentinel, for $12 a share. That is about $275 million, and a 40% premium over where the smaller company traded before the offer.

Investors who own the shares of two other newspaper companies, which have had their own troubles, must hope some M&A event will trigger a similar run up in their stock prices, and one which is permanent. Shareholders in McClatchy Co. (NYSE: MNI) and Tribune Publishing Co. (NYSE: TPUB) have taken a bloody beating over the past year.

After the Gannett announcement, the stocks of the two companies rallied sharply, to no one’s surprise

McClatchy is saddled...