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Article: Union may enter newspaper bidding; The union representing workers at the Pioneer Press and other Knight Ridder papers is looking at assembling a partial offer.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- December 23, 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)
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Byline: Terry Fiedler; Staff Writer
The Newspaper Guild has hired investment bankers to explore the possibility of putting together what probably would be a long-shot, "worker-friendly" buyout of nine Knight Ridder newspapers, including the St. Paul Pioneer Press and the Duluth News Tribune.
Knight Ridder, which owns 32 daily newspapers, put itself up for auction in November at the urging of some of its large institutional investors who are unhappy with the company's stock performance.
"We can sit back and watch Wall Street and forces unleashed by this process determine our future, or we can do something proactively," Newspaper Guild President ...