MEDIA

McClatchy to Buy North Carolina Publisher: The Sacramento-based newspaper group said it will acquire News & Observer Publishing Co. in a deal valued at about $373 million. McClatchy Newspapers Inc., which publishes the Sacramento, Fresno and Modesto Bee newspapers, also said James McClatchy will retire as chairman. Under the definitive agreement signed this week, McClatchy offered about $250 million for the stock of News & Observer and will assume the company’s debt of about $123 million. The deal is expected to close Aug. 1. News & Observer publishes the (Raleigh) News & Observer, six weekly newspapers and a monthly business magazine, all in North Carolina.