Kevin McClatchy acquires minority stake in Gather.com

Cory Bergman June 19th, 2007

A director at The McClatchy Company, Kevin McClatchy has invested in Gather.com, a social network. Hearst and The McGraw-Hill Companies are also investors. Release…

PRESS RELEASE — BOSTON–(BUSINESS WIRE) — Gather.com, the leader in social media for adults, today announced that Kevin McClatchy has taken a minority stake in the company. McClatchy is CEO of the Pittsburgh Pirates major league baseball team and a director at The McClatchy Company (NYSE: MNI - News), the third largest newspaper company in the United States. The funds will be used to expand Gather.com’s product development efforts and support its global expansion plans.

“Kevin’s investment in Gather reflects continuing interest from high profile investors who recognize the power of social media,” says Tom Gerace, Gather.com founder and Chief Executive Officer (tom.gather.com). “In addition to capital resources, he brings credibility and fresh ideas to further accelerate the growth of the Gather.com community.”

Mr. McClatchy joins several individuals and corporations who have invested in Gather.com, including former Lotus Chairman Jim Manzi, Allen & Company, The American Public Media Group, Hearst, The McGraw-Hill Companies, and Southern California Public Radio.

“By providing a platform for people to share diverse perspectives on a broad range of subjects, Gather.com taps into the essence of what makes this world so great,” said McClatchy. “The ongoing dialogue on the site represents the next frontier of the communication industry and I am excited to be a part of it.”

About Gather.com

Gather.com (www.gather.com) is the leader in social media for adults. Gather.com members connect around shared interests ranging from politics to books and from cooking to travel, and they’re compensated for their activity on the site. Members can engage in conversation with state and local politicians, health and financial experts, personal coaches, bestselling authors, and more. Over one million people visit Gather.com each month to read content created by Gather.com members. Gather.com has a highly educated, highly informed adult audience membership — a demographic elusive to most social networking sites. This demographic has made Gather.com an exceptional partner to media companies, advertising agencies, leading consumer brands, book publishers, and movie studios. Gather.com is a privately held, privately funded company headquartered in Boston, Massachusetts. Investors include Allen & Company, The American Public Media Group, Hearst, The McGraw-Hill Companies, and Southern California Public Radio. For more information, visit www.gather.com or call (617) 720-4000, x1032.