November 15, 2005 |
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.
November 11, 2005 |
Knight Ridder Inc.'s largest shareholder Thursday applied more pressure to the San Jose newspaper chain to put itself up for sale, saying it might nominate candidates for the company's board and raising the possibility that it would approach potential buyers. Private Capital Management, which owns a 19% stake in the nation's No.
November 4, 2005 |
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.
November 2, 2005 |
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.
September 21, 2005 |
New York Times Co. and Knight Ridder Inc. said Tuesday that they would eliminate hundreds of jobs to cut costs in response to declining ad sales. New York Times, the third-biggest U.S. newspaper publisher, is cutting 500 jobs, or about 4% of its workforce, the company said. Knight Ridder, the No. 4 U.S. newspaper company, offered buyouts to 100 newsroom employees at the Philadelphia Inquirer and the Philadelphia Daily News, a spokesman said.
March 23, 2005 |
Three major newspaper companies are investing in Topix.net, a start-up technology company that collects and sorts news stories from various sources on the Internet. Tribune Co., Gannett Co. and Knight Ridder Inc. are each taking a 25% stake, the Palo Alto-based company disclosed Tuesday. Topix's founders will retain the remaining share. Financial terms were not disclosed under the deal, which will be formally announced today. Topix launched its site a little more than a year ago and had 1.
September 20, 2002 |
Knight Ridder Inc., the No. 2 U.S. newspaper publisher, said Thursday that it expected third-quarter earnings to fall well short of analysts' estimates as weak classified advertising has hurt revenue in Silicon Valley and other key markets. Chairman and Chief Executive Tony Ridder said he expected earnings to nearly match the 81 cents a share earned a year ago. Analysts, on average, expected earnings of 87 cents per share, within a range of 85 cents to 91 cents, according to Thomson First Call.
August 20, 2002 |
Enron Corp. is suing Tribune Co. and Knight Ridder Inc. for more than $31 million, alleging that the media giants defaulted on contracts related to the price of newsprint. Both companies terminated multiyear agreements early, the lawsuit alleges, and therefore must pay termination fees plus amounts equal to the estimated remaining value of the contracts, based on current newsprint prices. Enron said that Chicago-based Tribune owes $22.9 million and that San Jose-based Knight Ridder owes $8.
November 7, 2001 |
Robert J. Rosenthal resigned abruptly Tuesday as executive editor of the Philadelphia Inquirer, the latest in a series of high-level departures that have rocked the Knight Ridder Inc. newspaper chain in a time of shrinking profits and declining circulation. Walker Lundy, 58, editor since 1990 of the St. Paul Pioneer Press, a Knight Ridder paper, will replace Rosenthal. Lundy began meeting with staff members Tuesday and will officially take over Nov. 26.