January 4, 2010 (FinancialWire) — The McClatchy Co. (NYSE: MNI) said it has extended an agreement to sell 10 acres of land adjacent to The Miami Herald to January 19, 2010, in exchange for an increase in the termination fee from $6 million to $7 million should the buyer fail to close the transaction.

According to the newspaper group, the buyer, Citisquare Group, LLC, has the right to further extend the agreement to Jan. 31, 2011, upon payment to McClatchy of an additional $6 million nonrefundable deposit on or before January 19, 2010.

McClatchy previously received a $10 million nonrefundable deposit, which it used to repay debt. The buyer had until December 31, 2009, to close the transaction pursuant to the terms of the existing purchase agreement.

California-based McClatchy has 30 daily newspapers, approximately 50 non-dailies, and direct marketing and direct mail operations.

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