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BUSINESS
February 3, 2006 | From Bloomberg News
Knight Ridder Inc., which put itself up for sale under pressure from investors, postponed its annual meeting and adjusted severance plans for some executives to ensure that they would not lose out in a sale. The planned April 18 annual shareholders meeting was put off indefinitely, San Jose-based Knight Ridder said in a Securities and Exchange Commission filing.
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CALIFORNIA | LOCAL
December 31, 2008 | Times Wire Reports
Alvah H. Chapman Jr., 87, the former president of the Miami Herald who helped arrange the 1974 merger of Knight Newspapers and Ridder Publications, died Thursday at his home in Miami of pneumonia after battling Parkinson's disease. Chapman became president of the Herald in 1969 and, after the merger, was named chief executive of the Knight Ridder Inc. chain of 30 newspapers. He held the post until 1989. Under his tenure, Knight Ridder's revenue tripled and its newspapers won 33 Pulitzer Prizes.
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BUSINESS
June 27, 2006 | From the Associated Press
Knight Ridder Inc. shareholders Monday approved the company's sale to McClatchy Co. during an emotional meeting that served as a funeral for the nation's second-largest newspaper publisher. Before announcing that the sale had been approved by nearly 98% of the shareholders that voted, Knight Ridder Chairman P. Anthony Ridder spent most of the 45-minute session extolling the achievements of Knight Ridder's 32 daily newspapers.
BUSINESS
October 18, 2006 | From Reuters
McClatchy Co. said Tuesday that its acquisition of Knight Ridder Inc. helped boost third-quarter profit, but the nation's No. 2 newspaper company warned of a continuing slump in classified and national advertising. McClatchy, based in Sacramento, said net income rose to $51.8 million, or 64 cents a share, from $38.6 million, or 82 cents, a year earlier. The company nearly doubled its outstanding shares to 81 million this year to fund the $4.
BUSINESS
December 2, 2005 | Joseph Menn, Times Staff Writer
A group of private equity firms, including two that own a significant stake in the Orange County Register, is mulling over a bid for newspaper chain Knight Ridder Inc. Blackstone Group, Providence Equity Partners Inc. and Kohlberg Kravis Roberts & Co. are working on a possible offer for the San Jose-based company, three people with knowledge of the discussions with Knight Ridder said Thursday. It was unclear whether the talks would lead to a formal offer or how much it might be.
BUSINESS
March 29, 2000 | Stephen Gregory
San Jose-based newspaper chain Knight Ridder Inc. and a union representing local reporters and editors have reached a $1.2-million settlement that will give some current and former workers at the Long Beach Press-Telegram severance pay stemming from Knight Ridder's sale of the newspaper in 1997, union officials said. Gary North, president of the Southern California Media Guild, said that the settlement was reached in September, but that implementation was delayed until last week.
BUSINESS
April 28, 2001 | Associated Press
Knight Ridder Inc. will eliminate jobs at most of its 32 daily newspapers across the country in the face of plunging advertising revenue and rising newsprint prices, the company said. The nation's second-largest newspaper company did not specify how many jobs will be lost in the reorganization. San Jose-based Knight Ridder, whose newspapers include the San Jose Mercury News, the Philadelphia Inquirer and the Miami Herald, employs about 22,000 people.
BUSINESS
November 4, 2005 | From Associated Press
Knight Ridder Inc., the second-largest newspaper publisher in the country, came under renewed pressure from investors Thursday as its third-largest shareholder joined a call to put the company up for sale. Another major investor also said it would be taking an active role in discussing the company's future.
BUSINESS
November 2, 2005 | From Bloomberg News
Knight Ridder Inc.'s largest shareholder Tuesday called for a sale of the San Jose-based newspaper publisher, citing management's inability to bolster the company's share price and profit. The stock rose 8.7%, its biggest surge in 18 years. Private Capital Management wrote to Knight Ridder's board urging it to auction the company. The firm said in a regulatory filing that it owns 19% of Knight Ridder, owner of the San Jose Mercury News, the Miami Herald and other papers.
BUSINESS
January 11, 2006 | Joseph Menn, Times Staff Writer
As Knight Ridder Inc. begins meeting with potential buyers this week, new names are emerging as contenders for the country's No. 2 newspaper chain. At least three previously undisclosed private equity firms have joined groups interested in acquiring the publisher of the San Jose Mercury News, Philadelphia Inquirer and 30 other papers.
BUSINESS
June 28, 2006 | From the Associated Press
McClatchy Co. said Tuesday that it had completed its acquisition of Knight Ridder Inc., making it the second-largest newspaper publisher in the country in terms of circulation. The news came a day after Knight Ridder shareholders overwhelmingly approved the transaction in an emotional shareholder meeting in San Jose, where the company was based. McClatchy has received notice of regulatory approval for the deal on the condition that it completes its sale of the St. Paul Pioneer Press.
BUSINESS
June 23, 2006 | From Bloomberg News
Coal producer Consol Energy Inc. will replace newspaper publisher Knight Ridder Inc. in the Standard & Poor's 500 index because Knight Ridder is being acquired by McClatchy Co. S&P made the announcement after the close of regular trading, in which Consol shares added 60 cents to $38.31. Shares surged to $40 in extended trading. Managers of mutual funds that mimic the S&P 500 are now likely to purchase its shares. The change will take place on a date to be announced, S&P said.
BUSINESS
June 8, 2006 | From the Associated Press
McClatchy Co. said Wednesday that it had reached agreements to sell five of the six remaining Knight Ridder newspapers it plans to shed for about $450 million. Together with two other transactions announced previously, McClatchy now has made deals to sell 11 of the 12 Knight Ridder papers it doesn't plan to keep. McClatchy said the sales would generate just more than $2 billion in proceeds, which it plans to use to reduce some of the debt it is taking on to acquire Knight Ridder.
BUSINESS
June 1, 2006 | From the Associated Press
Six former Knight Ridder Inc. newspapers awaited word on their fate Wednesday as McClatchy Co. collected offers on the final day of bidding for the newspapers, the last of 12 that McClatchy intends to sell. The other six newspapers have already found new owners, including the Philadelphia Inquirer, which was sold to a local investor group there, and four others that were bought by MediaNews Group Inc., a privately held company based in Denver.
BUSINESS
May 2, 2006 | Joseph Menn, Times Staff Writer
William Dean Singleton's MediaNews Group Inc. is putting up most of the $1 billion that it and Hearst Corp. are spending to buy four newspapers from McClatchy Co., regulatory filings showed Monday. Denver-based MediaNews is paying $737 million to McClatchy for the San Jose Mercury News and the Contra Costa Times, according to a copy of last week's agreement made public Monday. Hearst will spend $263 million for the Monterey County Herald and the St. Paul Pioneer Press in Minnesota.
BUSINESS
April 28, 2006 | From the Associated Press
Representatives of New York Daily News owner Mortimer B. Zuckerman met with Philadelphia newspaper executives Thursday to consider a bid for the Philadelphia Inquirer and the Philadelphia Daily News. Zuckerman, a real estate magnate who also owns the weekly magazine U.S. News & World Report, would join several parties also interested in the papers, which are among the 12 Knight Ridder Inc. properties that McClatchy Co. plans to sell once it buys the rest of Knight Ridder.
BUSINESS
November 15, 2005 | Joseph Menn, Times Staff Writer
Knight Ridder Inc. bowed to investor pressure Monday and said it had asked investment bankers to "explore strategic alternatives," including a possible sale of the newspaper chain. Shares in the San Jose-based company rose as much as $2.60, to $65.10, but slid back to close at $63.10 as Wall Street analysts questioned whether any buyer would be willing to spend the more than $4 billion that Knight Ridder's shares are currently worth.
BUSINESS
October 17, 2001 | Bloomberg News
Knight Ridder Inc., the second-biggest U.S. newspaper publisher, said third-quarter profit fell 27% on lower sales as terrorist attacks prolonged an advertising slump and raised expenses. Net income at the San Jose-based publisher of the Philadelphia Inquirer and the Miami Herald fell to $55.7 million, or 65 cents a share, from $76.1 million, or 87 cents, a year earlier. Sales declined 9.9% to $693.1 million from $769.2 million.
BUSINESS
April 25, 2006 | From the Associated Press
Standard & Poor's said it would lower its rating on the Knight Ridder Inc. senior unsecured debt being transferred to McClatchy Co. to BBB from BBB+ when McClatchy's purchase of Knight Ridder was complete. The new rating is only two notches above speculative status. The decision was based on the increased debt load McClatchy would take on as part of its acquisition, which was announced March 13.
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