Strib parent McClatchy Buys Knight-Ridder

The New York Times is reporting tonight that the Sacramento-based McClatchy Company, which owns the Minneapolis Star Tribune and the Sacramento Bee, among others, has purchased the 32-paper Knight Ridder chain for $4.5 billion.
Update: This morning McClatchy announced that it will sell 12 KR papers, including the PiPress. Questions still remain about what such an enormous purchase--Knight Ridder is twice the size of McClatchy--will do to the daily economics of the Strib and McClatchy's other current newspaper operations.