No White Knight Ridder

Published Mar 13 2006, 02:44 PM by webteam

You want to talk uncertainty The big Knight Ridder $4.5 billion sale is finally done, with the reasonably well-regarded McClatchy as the buyer. Except, how'd you like to be working for or reading these dozen papers -- the Akron Beacon Journal (OH); Wilkes Barre Times Leader (PA); Aberdeen American News (SD); Grand Forks Herald (ND); Ft. Wayne News - Sentinel (IN); Contra Costa Times (CA); Monterey Herald (CA); and Duluth News Tribune (MN). The St. Paul Pioneer Press (MN), the San Jose Mercury News, and the Philadelphia Inquirer and Philadelphia Daily News -- that don't know who will own them.

Here's the Knight Ridder boss:
Knight Ridder Chairman and CEO Tony Ridder said in a statement, "Knight Ridder and McClatchy share many similar -- and important -- values, most notably a commitment to quality journalism, fairness to our employees and service to our communities. The joining of so many Knight Ridder newspapers under McClatchy's banner will enable them to continue to flourish in an environment of excellence and integrity. This transaction, which represents an excellent outcome for shareholders, also concludes a period of considerable uncertainty for many of Knight Ridder's valued and dedicated employees, and I thank them for their perseverance through it.

"For the 12 newspapers that will be sold, the uncertainty is not over and I regret that very much."

It really wasn't very that ago when Knight Ridder was considered a top notch newspaper company and steward, well above the likes of Gannett and Dean Singleton and the Tribune company. And it wasn't too long ago when the "Merc" (San Jose) and the "Inky" (Philly) were considered thecompany's flagship papers. Now, they are at least temporary orphans in a mega-deal that just sends another bad message about the future of the American newspaper business.