February 19, 2006

Knight Ridder Up For Sale!

Source: AJR

Sherman’s March

How Naples, Florida, money manager Bruce S. Sherman muscled Knight Ridder—the nation’s second-largest newspaper company—into putting itself up for sale

By Charles Layton
Charles Layton is an AJR senior writer.

On July 19, the board of directors of Knight Ridder, the country's second-largest newspaper chain, held a most unusual meeting. It was at the Ritz-Carlton Hotel near the top of San Francisco's Nob Hill, and it was unusual because, as the 10 board members convened, representatives of Knight Ridder's three biggest shareholders were camped outside the door, waiting to air their gripes about the company's stock performance.

This meeting would mark the start of an insurrection that ultimately would force the board to put Knight Ridder up for sale, threatening the future quality of its journalism and causing tremors ... READ MORE HERE!

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