The investment manager known as “the Spanish Warren Buffett” is apparently playing a big role in McClatchy’s bid to try to buy much larger Tribune Publishing Co. for around $500 million. Francisco García Paramés, founder of the Madrid-based Cobas Asset Management, holds an 18.4 percent stake in McClatchy, making the boutique firm the second-biggest holder of common stock. “Cobas has been a long-term shareholder and we are pleased that they have continued to invest in MNI,” a McClatchy spokewoman said. A spokesperson for Cobas had not returned a call by press time. Shares in Tribune Publishing, publisher of the profitable Chicago Tribune and the struggling New York Daily News, dipped 0.3 percent, to close at $11.87 on Tuesday. In the latest newsroom twist at a Tribune-owned paper, the Allentown Morning Call staff voted overwhelmingly to unionize, the News Guild said, and is asking for voluntary recognition of the union by the company. The company said only that it has received the request. McClatchy, publisher of the Miami Herald, Kansas City Star and Sacramento Bee, has attracted a surprising assortment of deep-pocketed investors, topped by the 19.8 percent stake held by Chatham Asset Managment, the hedge fund headed by the secretive… Read full this story
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