McClatchy Co., Sacramento, Calif., will contribute $163 million to its $1 billion pension plan from the proceeds of the sale of 14 acres in Miami, including the offices of Miami Herald Media Co., confirmed Elaine Lintecum, McClatchy treasurer.
The property was sold for $236 million to Bayfront 2011 Property, a subsidiary of Genting Malaysia Berhad. a global resort developer and casino company.
The McClatchy plan’s unfunded liability is an estimated $267 million, down from $479 million at year-end 2010. The latest estimate includes the $163 million contribution.
Miami Herald Media will stay in its current location for up to two years rent free while the publisher looks for another headquarters.