|
|
Article: Publisher gets an ultimatum; Citing Knight Ridder's poor performance, the chain's largest stockholder demanded the company put itself up for sale. The Pioneer Press is among KR's holdings.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- November 2, 2005
- Author:
CopyrightCOPYRIGHT 2005 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: John Reinan; Staff Writer
A large investor is demanding that Knight Ridder Inc., the nation's second-largest newspaper chain, put itself up for sale or auction off its flagship publications, which have wrestled with flat advertising revenue and stagnant or declining circulation.
In a letter Tuesday to the Knight Ridder board of directors, the investment firm Private Capital Management (PCM) threatened to launch a hostile takeover if the company does not move to "aggressively pursue" a competitive sale.
It's too early to say whether any suitors will emerge for Knight Ridder or whether PCM will be able to make good on its threat to oust a ...