McClatchy OKs Reverse Stock Split to Help Boost Stock

Sacramento Bee: McClatchy has approved a 10-for-1 reverse stock split designed to raise the newspaper chain’s sluggish share price. McClatchy’s board of directors approved the split shortly after McClatchy’s annual shareholders meeting in Sacramento, Calif. The company owns 29 daily papers, including the Sacramento Bee. Under the plan, which will take effect June 7, McClatchy will issue one new share of stock for every 10 existing shares.