Newspaper industry

Knight Ridder urged to sell itself

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Alan Gardner November 2, 2005 1 minute 1 comment

According to SmartMoney.com, Private Capital Management – Knight Ridder’s largest shareholder, has urged KR to put itself on the auction block.

In a letter to Knight Ridder’s board dated Tuesday, PCM Chief Executive Bruce Sherman said a sale should be pursued aggressively, “in light of limited revenue growth across the newspaper industry and the difficulties the company has faced in realizing the fair value” for its shareholders.

Knight Ridder is the 2nd largest newspaper publisher (by combined circulation) in the U.S.