The over/under number was $4.7 Billion. Anything more than that would have raised newspaper values, anything less would lower them (per Street wisdom).
Actual sale price: $4.5 Billion.
But hey, what's $200 Million among friends?!
Posted on 03/12/2006 7:31:37 PM PST by Tribune7
Knight Ridder, the nation's second-largest newspaper company by circulation, agreed last night to sell itself for about $4.5 billion in cash and stock to the McClatchy Company, a publisher half its size, according to people involved in the negotiations.
(snip)
Still, McClatchy, which is based in Sacramento and publishes the Sacramento Bee and the Minneapolis Star Tribune, among others, was the only major newspaper company to submit a final bid for Knight Ridder, publisher of such venerable newspapers as the Miami Herald, the Philadelphia Inquirer and the San Jose Mercury News.
(snip)
Under the terms of the deal, McClatchy agreed to pay about $67 a share in cash and stock for Knight Ridder, these people said. About 60 percent of the payment will be in cash, while the rest will be in McClatchy shares
(Excerpt) Read more at nytimes.com ...
The Orange County Register is celebrating its 100th anniversary in 2005. It is the largest of 28 daily newspapers operated by Freedom Communications, Inc., a privately-held company that ranks as the nation's 11th largest newspaper company (by daily circulation) and one of the leading media companies in the United States. The Orange County Register is part of Freedom's Metro Information division, which also includes The Gazette in Colorado Springs, Colo., the East Valley Tribune in Mesa, Ariz., and the Daily News-Sun in Sun City, Ariz.
The Register is a product of Freedom Orange County Information, which also publishes 25 community newspapers, including the Spanish-language Excélsior. Freedom Orange County Information also publishes Coast, Orange County Home and SqueezeOC magazines. Its Web sites include OCRegister.com, ocExcelsior.com, squeezeOC.com and golfextracard.com.
KR has around 40 % of the stock I think,...impact could be that that portion of Freedom Communications is sold off to someone else which could be a good impact.
Orange County Register is impacted...
By all that is holy and decent in the world. Say it isn't so?
Good post. I worked for Freedom Newspapers for several years. The Orange County Register was considered the "mother" paper. When the Hoyles family owned it all their ugly daughters husbands got to be publishers at one of the other papers in the chain. ;o)
Journalists I respect a lot like Arnaud de Borchegrave (former Times editor) and Tony Blankley (current editorial page editor) insist that the Moonies never interfere with stories or dictate what's printed. I believe them.
OH OKAY I give it mix up I thought that Sea Hag was employed by Knight RIdder news corp well they still going down I THINK
The over/under number was $4.7 Billion. Anything more than that would have raised newspaper values, anything less would lower them (per Street wisdom).
Actual sale price: $4.5 Billion.
But hey, what's $200 Million among friends?!
bizjournals.com
Parent company sold, but uncertainty remains for Inquirer, Daily News
Monday March 13, 10:35 am ET
"The company that owns the Philadelphia Inquirer and the Philadelphia Daily News will be sold, but the buyer plans to unload the two Philadelphia papers, so their fate is still unknown."
"The McClatchy Co. said in a statement Monday that it had agreed to buy the Knight Ridder (NYSE: KRI - News) newspaper chain of San Jose, Calif., for $6.5 billion, including $2 billion in assumed debt."
"But McClatchy of Sacramento, Calif., said it would sell 12 of the 32 papers in the Knight Ridder chain, including the Inquirer and the Daily News."
"For the 12 newspapers that will be sold, the uncertainty is not over and I regret that very much," Knight Ridder Chairman and CEO Tony Ridder said in a statement."
"McClatchy said it was selling the papers because they "do not fit the company's longstanding acquisition criteria, chiefly involving growing markets."
Probably any fishwrap in a dying Blue City, where the maggots of the left are in control, will be sold.
Companies with any sanity don't want to waste precious investment capital in the Dying/Decaying Blue Cites. It will not be just newspaper companies pulling out of the Blue Cities, it will be any company with a real concern for the bottom line.
Heheh.....sure made my day.
I heard on the news yesterday we may lose either the Inky or the Daily News :-)
I doubt it would be the Inky but nothing wrong with wishing. :-)
Wow, Knight Ridder has got to feel like the last slide-rule company to get bought by somebody in the mid '60s.
PLEASE let it be the Inky that dies (if it can't be both of them).
Of course, out here in Bucks all we have is the scumbag Democrat Courier Times. My wife gets it for the local news but I will soon be replacing it anyway. We can get the New York Post delivered and I will likely go with that option.
I skim them online, doesn't cost me a penny :)
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