McClatchy purchased most of Knight Ridder's newspapers, including The Observer, in 2006. This made The Observer a sister publication of the state's largest paper, The News and Observer of Raleigh; and of The Herald of Rock Hill, the primary newspaper for the South Carolina side of the metro area. As of spring 2008, it is the fifth-largest newspaper in the McClatchy chain (behind The Kansas City Star, Miami Herald, Sacramento Bee and Fort Worth Star-Telegram). McClatchy's share value has been in decline since the purchase. The stock has lost over 95% of its value, far worse than many remaining newspaper companies.
