Apropos Mass Media conglomeration:
Knight Ridder Reporter Warns of Hostile Takeover--with Political Twist?
As reports swirl that KR could or should be sold, under new pressure from what he calls a "pro-GOP" big investor, a longtime Philly Daily News scribe charges that this would be "bad news" for the chain--and all of American media.
By Will Bunch
PHILADELPHIA (November 02, 2005) -- As you probably know if you're a newspaper junkie, and may not know if you're a normal human being, a Florida-based investment group -- with zero fanfare -- has bought up 19% of the stock of Knight Ridder, Inc., the owners of the Daily News and the Philadelphia Inquirer, not to mention the Miami Herald, the San Jose Mercury News, and a bunch of other big names in the dead-tree world.
And now, apparently unaware that newspaper readership has been dropping steadily for a half-decade and that advertisers are starting to follow readers to this new-fangled Internet thingee, the investors -- named Private Capital Management -- are shocked, shocked to learn that they aren't getting the greatest return on their investment.
And so their solution: They want to sell the company.
This is probably very bad news, for a couple of reasons...http://tinyurl.com/askov
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Knight Ridder Reporter Warns of Hostile Takeover--with Political Twist?
As reports swirl that KR could or should be sold, under new pressure from what he calls a "pro-GOP" big investor, a longtime Philly Daily News scribe charges that this would be "bad news" for the chain--and all of American media.
By Will Bunch
PHILADELPHIA (November 02, 2005) -- As you probably know if you're a newspaper junkie, and may not know if you're a normal human being, a Florida-based investment group -- with zero fanfare -- has bought up 19% of the stock of Knight Ridder, Inc., the owners of the Daily News and the Philadelphia Inquirer, not to mention the Miami Herald, the San Jose Mercury News, and a bunch of other big names in the dead-tree world.
And now, apparently unaware that newspaper readership has been dropping steadily for a half-decade and that advertisers are starting to follow readers to this new-fangled Internet thingee, the investors -- named Private Capital Management -- are shocked, shocked to learn that they aren't getting the greatest return on their investment.
And so their solution: They want to sell the company.
This is probably very bad news, for a couple of reasons...http://tinyurl.com/askov
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posted by Dan at 4:13 PM
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