CONTACT:      ELAINE LINTECUM
              MCCLATCHY NEWSPAPERS, INC.
              (916) 321-1846


                 MCCLATCHY COMPLETES COWLES MEDIA COMPANY MERGER

         SACRAMENTO, CA, MARCH 19, 1998 -- THE MCCLATCHY COMPANY (NYSE: MNI)
announced today that it completed the merger of McClatchy Newspapers, Inc. and
Cowles Media Company. Shareholders of both companies overwhelmingly approved the
merger at special shareholders meetings held today in Sacramento and
Minneapolis. Effective immediately both companies become wholly-owned
subsidiairies of The McClatchy Company, a Delaware corporation.

         Simultaneously with the closing of the transaction, McClatchy sold
Cowles' magazine publishing subsidiaries to PRIMEDIA Inc. and its book
publishing subsidiary to a management group led by the subsidiary's president.
These subsequent transactions were valued in excess of $208 million and the
proceeds from these sales were used to reduce debt incurred to complete the
Cowles merger.

         The primary asset to be retained by McClatchy is the STAR TRIBUNE which
serves the Twin Cities of Minneapolis/St. Paul. The STAR TRIBUNE newspaper, with
daily circulation of 387,000 and 673,000 Sunday, ranks as the 16th largest daily
and 12th largest Sunday newspaper in the nation, and becomes McClatchy's largest
newspaper.

         In connection with the merger, McClatchy issued approximately 6.4
million shares of Class A Common Stock. And after the sale of the non-newspaper
subsidiaries, McClatchy had $1.09 billion in long-term bank debt, including the
assumption of approximately $81.0 million in existing Cowles debt and
refinancing of $70.0 million in existing McClatchy debt.

         McClatchy also noted that Elizabeth Ballantine, a Cowles family member
and former member of the Cowles board of directors, was appointed to the
McClatchy board of directors representing Class A shareholders effective
immediately. Ms. Ballantine, 49, is an attorney with Dickstein, Shapiro, Morin &
Oshinsky LLP, a Washington D.C. based law firm since November 1993 and was a
Cowles board member since 1993. From August 1990 to November 1993, she worked as
a private consultant for international business investments and has also been an
Adjunct Professor of History with The George Washington University since 1991.
Ms. Ballantine was the managing trustee of the Cowles Family Voting Trust.

         Because the merger was completed prior to the end of McClatchy's 1998
first quarter, the Company indicated that the STAR TRIBUNE'S results from March
20, 1998 through quarter end will be included in its 1998 first quarter
earnings. McClatchy reported earnings from ongoing operations of 30 cents per
share in the first quarter of 1997. Gary Pruitt, McClatchy's president and chief
executive officer said, "Our effective tax rate for 1998 will increase due to
the non-deductible nature of goodwill amortization associated with the merger.
This factor, coupled with higher interest expense and a



greater number of shares  outstanding,  will have a dilutive  effect on earnings
and earnings per share beginning in the first quarter of 1998."

         Separately, McClatchy announced that on March 11, 1998, the Newspaper
Guild of the Twin Cities voted to accept a five-year contract with the STAR
TRIBUNE. The contract, which covers approximately 400 journalists, promotion
employees and circulation district managers, provides for three percent annual
raises and for the reduction of 33 district managers by the year 2006, with many
leaving by 2001. Also, severance packages have been made available for up to 12
additional employees in connection with the new Guild contract.

         On March 16, 1998 the Minneapolis/St.Paul Mailers Union #4, which
represents 227 STAR TRIBUNE employees, agreed to a 10-year contract with annual
raises of 60 cents per hour in six of the years and lump sum payments in the
other four years. The contract also includes the reduction of the equivalent of
30 employees in the mailroom over the contract term.

         Gary Pruitt said, "We are pleased to welcome the STAR TRIBUNE and its
employees to the McClatchy family of newspapers. It is a premiere asset in a
strong growth market that offers excellent opportunity to build long-term
shareholder value. We also welcome Elizabeth Ballantine to our board of
directors. And finally, I want to thank both the Cowles and McClatchy
shareholders who have expressed confidence in this merger, and the employees
represented by the unions that have recently exhibited their confidence in the
STAR TRIBUNE and McClatchy ownership by voting to establish long-term labor
contracts with the STAR TRIBUNE. We look forward to a smooth transition to
McClatchy ownership."

                  THE MCCLATCHY COMPANY, headquartered in Sacramento,
California, now publishes 11 daily and 13 non-daily newspapers located in
western coastal states, North and South Carolina and the Twin Cities of
Minneapolis/St. Paul. In 1997, McClatchy reported revenues of $641.9 million.
The combined company would have reported 1997 revenues of approximately $1
billion and would have had daily circulation of 1.35 million and Sunday
circulation of 1.85 million. Along with the STAR TRIBUNE in Minneapolis,
McClatchy's newspapers include, among others, THE SACRAMENTO BEE, THE NEWS AND
OBSERVER (Raleigh, NC), THE FRESNO (CA) BEE, THE NEWS TRIBUNE (Tacoma, WA) and
the ANCHORAGE DAILY NEWS. McClatchy also owns and operates other media-related
businesses, including Nando.net, a national on-line publishing operation and The
Newspaper Network, a national newspaper marketing company. McClatchy is listed
on the New York Stock Exchange under the symbol MNI.

                           - ADDITIONAL INFORMATION -

         This release contains estimates and other forward-looking statements
covering subjects related to operational and financial results of The McClatchy
Company. These forward-looking statements, and any other statements going beyond
historical facts that have been discussed, are subject to risks and
uncertainties that could cause actual results to differ. These include increases
in newsprint prices and/or printing and distribution costs over anticipated
levels, competition from other forms of media in the companies' principal
markets, increased consolidation among major retailers in the companies'
newspaper markets or other events depressing the level of advertising, an
economic downturn in the local economies of California's Central Valley,
Washington state, Alaska, the Carolinas or the Twin Cities of Minneapolis/St.
Paul, or other occurrences leading to decreased circulation and diminished
revenues from both display and classified advertising.