EXHIBIT 10.4

                             THE McCLATCHY COMPANY
                         MANAGEMENT BY OBJECTIVE PLAN



The McClatchy Management By Objective Plan (the "MBO Plan") provides
performance-related cash bonuses to the executives (other than the Chief
Executive Officer) and selected senior staff members, department heads and
supervisors of the Company.  Awards under the MBO Plan are based on the full or
partial achievement of pre-established performance goals relating to corporate
results, business unit or department results and individual performance,
depending upon the particular participant, during the prior year.  Each
performance objective is weighted to reflect the relative contribution to
specific short-term and long-term financial, strategic and/or management
practices goals applicable to the participant.  To determine the bonus to which
a participant is entitled, a certain number of points, targeted at 100, are
awarded the participant based on the participant's performance during the prior
year.  These points are applied as a percentage to an amount equal to a
predetermined percent (depending on the participant) of his or her base salary
for the year.   Certain selected participants may have the opportunity to earn
points in excess of 100 based on the performance of the newspaper and other
operations the participant oversees.