Absolutely nothing, says McClatchy in its 2008 SEC filing. Nothing as in "zero dollars" nothing. Reports the P-I: "In 2006, McClatchy valued its Times investment (the chain owns 49.5 percent of Seattle Times Company) at $102.2 million. At the end of 2007, the value had fallen to $19.3 million."
Granted, the Blethens' 50.5 percent stake is worth more than McClatchy's. But if 49.5 percent of the paper is worth nothing, then what's 1 percent more than that worth, a buck?