Malaysian resort hotel and casino company Genting Malaysia Berhad has bought the Miami Herald building and surrounding land has been for US$236 million (RM714 million), the McClatchy newspaper company said today.

The 14-acre Biscayne Bay property in Florida, also home to Spanish-language El Nuevo Herald , was purchased by a subsidiary of Genting Malaysia, which develops and operates hotels, theme parks and casinos.

"While locating newspaper operations on the bay may have made sense in the past, it no longer is the best fit," Gary Pruitt, McClatchy's chairman and chief executive, said in a statement.

The Miami Herald media company will continue operating from its existing location for "up to two years rent free" while McClatchy pursues other sites, McClatchy, parent of the newspaper group, said.

"Importantly, the sale of this real estate has no impact on the mission of The Miami Herald and El Nuevo Herald ," Pruitt said.

New resort

Genting Malaysia, which owns half of the Miami-based Norwegian Cruise Lines, plans to construct a new resort with a hotel and residential units.

It is the parent company of major theme parks and casinos in Asia and Britain.

McClatchy said US$163 million (RM493 million) of the sale proceeds would go to the company's unfunded pension liability.

McClatchy is the third-largest newspaper company in the United States, publishing 30 daily newspapers including the Miami Herald , the Sacramento Bee , and the Charlotte Observer .

- AFP