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Herald announces sale of its Biscayne Bay property to casino magnate

The owners of the Miami Herald today announced the sale of its historic building on Biscayne Bay to the Malaysian company, Genting Malaysia Berhad, operator of resort casinos and entertainment centers across the globe. Genting, along with Sands Inc. and Wynn resorts of Las Vegas, have been behind efforts in the last two legislative sessions to open a resort casino in Miami.

From the McClatchy Company press release:

The McClatchy Company (NYSE: MNI) announced today that it has sold 14.0 acres of Miami land, including the building housing its subsidiary The Miami Herald Media Company and an adjacent parking lot, for a purchase price of $236 million to Bayfront 2011 Property LLC, a subsidiary of Genting Malaysia Berhad (Genting). The transaction closed today.

The Miami Herald Media Company is the publisher of The Miami Herald, El Nuevo Herald, related websites and other media businesses. Genting and its affiliates are leading developers and operators of destination resorts around the world, including the United States, Malaysia, Manila, Singapore and the United Kingdom.

The Miami Herald Media Company will continue to operate from its existing location for up to two years rent free while McClatchy pursues other sites for its media operations. Approximately 9.4 acres of the land was previously under contract to be sold, but that agreement expired in January 2011.
Gary Pruitt, McClatchy’s chairman and chief executive, said, “We are pleased to complete this transaction. The Genting team has been great to work with and has been true to its word throughout our negotiations.

“This property, located on Biscayne Bay, has been home to The Miami Herald for many years. While locating newspaper operations on the bay may have made sense in the past, it no longer is the best fit.
“Importantly, the sale of this real estate has no impact on the mission of The Miami Herald and El Nuevo Herald,” Pruitt said.

“The Miami Herald is the premier provider of news and information in South Florida, winning 20 Pulitzer Prizes and numerous other awards over a long and distinguished history of community service. El Nuevo Herald is among the finest Spanish language newspapers in the United States and is dedicated to serving the Hispanic community in South Florida and surrounding areas.