Released: 10/16/2007

SACRAMENTO, Calif., Oct. 16 -- SACRAMENTO, Calif., Oct. 16 - The McClatchy Company (NYSE: MNI) noted that the depreciation and amortization expense reported in its pro forma operating income for the nine months ended September 24, 2006 was reported as $117.1 million and should have been reported as $110.7 million. Revised schedules reconciling the pro forma amounts to GAAP -- reported amounts are attached to this release and are posted on our website at http://www.mcclatchy.com.

About McClatchy:

The McClatchy Company is the third largest newspaper company in the United States, with 31 daily newspapers, approximately 50 non-dailies and direct marketing and direct mail operations. McClatchy also operates leading local websites in each of its markets which complement its newspapers and extend its audience reach in each market. Together with its newspapers and direct marketing products, these operations make McClatchy the leading local media company in each of its premium high growth markets. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, The Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer.

McClatchy also has a portfolio of premium digital assets. Its leading local websites offer users information, comprehensive news, advertising, e-commerce and other services. The company owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development. McClatchy operates Real Cities (http://www.RealCities.com), the largest national advertising network of local news websites and owns 14.4% of CareerBuilder, the nation's largest online job site. McClatchy also owns 25.6% of Classified Ventures, a newspaper industry partnership that offers classified websites such as the nation's number two online auto website, cars.com, and the number one rental site, apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

                                 ***THE McCLATCHY COMPANY***
                             REVISED RECONCILIATION OF GAAP AMOUNTS
                                         (In thousands)
                            Three Months Ended        Nine Months Ended
                       September 30, September 24, September 30, September 24,
                           2007          2006         2007          2006
                                                                 Pro Forma
    REVENUES - NET:
      Advertising        $457,017      $506,774    $1,422,317    $1,551,915
      Circulation          67,995        70,637       209,582       218,308
      Other                15,332        17,717        55,030        53,631
                          540,344       595,128     1,686,929     1,823,854
    OPERATING EXPENSES:
      Cash expenses       406,349       444,783     1,271,975     1,399,228
      Depreciation and
       amortization        36,250        36,662       112,440       110,652
                          442,599       481,445     1,384,415     1,509,880
    OPERATING INCOME       97,745       113,683       302,514       313,974
      Add back
       depreciation and
       amortization        36,250        36,662       112,440       110,652
    OPERATING CASH FLOW  $133,995      $150,345      $414,954      $424,626
    OPERATING CASH
     FLOW MARGIN             24.8%         25.3%         24.6%         23.3%
    Operating cash flow margins are derived by dividing operating cash flow by
    total net revenues for each period.  The company believes operating cash
    flow is commonly used as a measure of performance for newspaper companies,
    however, it does not purport to represent cash provided by operating
    activities as shown in the company's statement of cash flows, nor is it
    meant as a substitute for measures of performance prepared in accordance
    with generally accepted accounting principles.
    Management is in the process of performing impairment testing of goodwill
    and other long-lived assets as of September 30, 2007, due to the
    continuing challenging business conditions and the resulting weakness in
    the company's stock price as of the end of its third quarter.  Upon
    completion of that testing, the company expects to record a non-cash
    impairment charge to GAAP earnings in its third quarter financial
    statements when it files its Form 10-Q with the Securities and Exchange
    Commission (SEC) on or before November 9, 2007.
                                    ***The McClatchy Company***
                              REVISED RECONCILIATION OF GAAP AMOUNTS
                                 Pro Forma Operating Income and Cash Flow
                                    Nine Months ended September 24, 2006
                                            (In thousands)
                                          Historical  Acquisitions/ Pro Forma
                                            Amounts   Divestitures   Amounts
    REVENUES - NET
      Advertising                          $856,791    $695,124    $1,551,915
      Circulation                           117,905     100,403       218,308
      Other                                  26,895      26,736        53,631
                                          1,001,591     822,263     1,823,854
    OPERATING EXPENSES
      Cash expenses                         743,846     655,382     1,399,228
      Depreciation and amortization          56,522      54,130       110,652
                                            800,368     709,512     1,509,880
    OPERATING INCOME                        201,223     112,751       313,974
      Add back depreciation and
       amortization                          56,522      54,130       110,652
    OPERATING CASH FLOW                    $257,745    $166,881      $424,626
    Note:  Excludes synergies that have been or may be realized from the
           Knight Ridder Acquisition.

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