Knight Riddled

Posted by: Roben Farzad on January 24, 2006

Knight Ridder (KRI), the #2 newspaper chain, is reportedly readying its machete for another round of job and benefit cuts to sex itself up for prospective private equity buyers. It’s yet another blow to the already gutted newsrooms of the Miami Herald, Philly Inquirer and the 30 other KR dailies — and a depressing case study in the perils of public newspaper ownership. Dissatisfied shareholders, meanwhile…

shredded.jpg

...now find themselves paying the tab for a decade of myopically achieved, cutback-happy share-price gains at the hands of CEO Tony Ridder, who finds himself being forced into a sale. So much for growing by cutting.

While I eagerly await (my favorite) columnist Carl Hiaasen's take on the matter, I share these 2-cents from a friend at the Miami Herald:

"We've been starving, and now the buzzards are coming."

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Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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