The fact they kept their hat in the Times ring at this point, when they're cashing out in other ways, indicates that they have at least some interest in staying in the game in Seattle.

That McClatchy owns the Tacoma News Tribune, what is considered one of the chain's flagship papers (along with the Sacramento Bee), likely influenced the decision. As a minority partner, they'll have no actual voting power in the Times' business decisions, but at least they'll have a seat at the table. That could bode well for the TNT's future.

This is speculation, but holding rather than selling the interest in the Times could simply reflect a restriction in the Blethen-KR agreement on selling the interest--either a flat-out prohibition on sale or unfavorable consequences to KR in the event of a sale. For example, there could be a preemptive right on the part of the Blethens to buy the interest at a discount.

On the flip side, it may be that the sale of all of KR automatically triggers a right on the part of the Blethens to buy out that interest, whether McClatchy wants to keep it or not. If, as a result of the KR-McClatchy deal, the destiny of the minority interest in the Times is thus in the hands of the Blethens rather than McClatchy, it might make sense that McClatchy doesn't include the Times on its For Sale list.

or, could it be collusion between McClatchy and the Times to expedite the P.I.'s demise? Certainly The News Tribune wants the P.I. out of the market as badly as the Times' does. I think there were rumors that the Hearst Co. was looking at buying Knight-Ridder, too. Now having two P.I. foes running the TImes could have been a preemptive strike of some sort.