Posted on 03/24/2006 11:25:07 AM PST by Grampa Dave
Faces In The News:
Billionaire Burkle To Rescue McClatchy Papers? Greg Levine, 03.24.06, 12:17 PM ET
New York - "Out of this nettle, danger, we pluck this flower, safety." That line from Shakespeare's Henry IV, Part I probably parallels the emotions running through Tony Ridder over this fortnight.
On March 13, we reported that the chief executive of Knight Ridder was putting his newspaper company on the block, after shareholder pressure.
No sooner did the news break that the firm would be bought by McClatchy, than a new and sobering development was made public. The publisher's half-eponymous CEO--and scion of the centennial media firm's founding family--held a heartfelt interview with the San Jose Mercury News. He claimed that he hadn't known McClatchy's full acquisition intent: to dismember the company by immediately selling off 12 of its acclaimed newspapers.
Before attributing the outpouring to seller's remorse or connivance, keep in mind Ridder's devotion to such respected blotters as the Mercury and Contra Costa Times--not to mention his love and good work for the city of San Jose itself.
Now, it's Friday. This just in: The Los Angeles Times reported that investment firm Yucaipa plans to bid for the 12 Knight Ridder newspapers that were put on the block.
That Southwest-flavored entity is controlled by Los Angeles billionaire Ronald Burkle. And according to the Mercury, the tycoon is allying himself with union workers at nine of the papers to buy the chain. One imagines--and hopes--that means the employees don't have to dread the change in ownership; perhaps it'll mean better sleep for Tony Ridder, too.
According to online news source MediaBuyerPlanner, several industry firms might make a play for some or all of the former Knight Ridder papers. The prospective suitors might include Gannett and privately held MediaNews Group.
McClatchy seeks to cement the 12-paper sale at the same time that it completes its buy of Knight Ridder, likely to culminate this summer.
Thanks for posting, Grampa Dave.
Good Ol' Ron.
If he buys dem newsrags, he'll overcome the fishy odor all by his lonesome.
CCG - Got keywords?
Thanks for the ping bump.
I forgot to ping you and other Californians on my ping list.
Our old friend, Ronnie B is back in the news, big time.
Regardless of the chart, and thanks for posting them. The MCC fishwraps haven't had a good year, and the last week to ten days have really been bad for them.
Like knitting life jackets while going down on the Titanic.
Yes, like knitting life jackets while the Titanic is sinking and wrapping lead on their feet to stand more securely on the deck.
Wow, that is some large scale dumping.
Makes one wonder if the mutual funds are starting to shed shares like snakes shed their skin during the spring time.
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