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Surprise! McClatchy Makes Top Bid for Knight Ridder

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Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-09-06 11:58 PM
Original message
Surprise! McClatchy Makes Top Bid for Knight Ridder
http://www.editorandpublisher.com/eandp/news/article_di...

McClatchy has turned in the top bid for Knight Ridder an offer of roughly $65 per share in a cash and stock deal The Wall Street Journal reported late Thursday night.

Knight Ridder spokesman Polk Laffoon would not comment but he did say that no deal has been reached. The auction will be in play at least until Sunday; an announcement is not expected until several days after March 12.

... The Knight Ridder paper in San Jose, the Mercury News, meanwhile, observed, "A bid was expected from MediaNews, but whether it had submitted an offer by the end of the day, and what form its offer would take, could not be determined. Earlier in the day, a source familiar with MediaNews said the situation was still fluid.

From earlier today:
http://www.nytimes.com/2006/03/09/business/media/09pape...

... McClatchy, with 12 dailies, including The Star Tribune in Minneapolis, The News & Observer in Raleigh, N.C., and The Sacramento Bee, is viewed favorably by both Wall Street and the journalistic community.

The company, based in Sacramento, is known for picking newspapers in high-growth markets, and although Knight Ridder is in some cities with slow business climates, like Philadelphia, McClatchy could conceivably sell the papers in those markets.

Other Knight Ridder papers could provide a good geographic fit for McClatchy. For example, if McClatchy were to acquire The Charlotte Observer from Knight Ridder, it could save on costs by coordinating its coverage and advertising sales as well as Internet activity with its paper in Raleigh.
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Liberty Belle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:01 AM
Response to Original message
1. Kick!
How is the editorial slant at papers owned by McClatchy?
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laheina Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:05 AM
Response to Reply #1
3. When we had two papers
The Bee (in Sacramento) was considered the more liberal of the two. In keeps that reputation, although I see signs of them trying to be more centrist.
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RagingInMiami Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 01:42 AM
Response to Reply #3
9. More importantly
They allow their reporters to report the news. They care more about journalism than Gannett or MediaNews.
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laheina Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 02:00 AM
Response to Reply #9
10. Very true.
I was speaking to the editorial slant, but they don't have the unwritten rule of not stepping on toes. It's comforting to know that some people still take journalism seriously as a profession.
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olddad56 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:23 PM
Response to Reply #9
26. I have to disagree with your statement.
The Bee has several 'reporters' who are just stenographers for Arnold. They bury progaganda pieces on the front page. Always on Sunday, but quite often on other days of the week. I personally know one of Arnold's spin doctors. One of his tasks is to approve articles written by certain 'reporters' for the Governor's office before they go to print. The Bee is trash. It hasn't always been, but it is these days.
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RagingInMiami Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-11-06 10:09 AM
Response to Reply #26
27. I'm comparing McClatchy with Gannett and MediaNews
There is no perfect paper, no perfect newsroom staff. But I've worked for Gannett and MediaNews, and thanks to them, I will no longer work for a daily newspaper. I'm a freelancer now.

But I've got friends who went to the Fresno Bee, and they say it's not perfect, it never is, but journalistically-wise, it's much better than Gannett or MediaNews.
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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:15 AM
Response to Reply #3
13. not "more centrist"....
That would be what the right wing would call that kind of shift...They may be showing signs of veering "right"... to fit today's climate...
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laheina Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 04:11 PM
Response to Reply #13
19. Nah. I don't see it that way.
But what I meant by their attempts at being more centrist is just that they try to keep a 50/50 ratio of editorials and LTTE. I'll admit that I don't think that silly ideas (or most RW ones) should get equal time, but if it keeps the right wingers happy--so that they don't mess with the actual journalistic integrity of the news or, at the very least, aren't successful in their attempts at doing so--then I won't complain.
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attaturk Donating Member (177 posts) Send PM | Profile | Ignore Fri Mar-10-06 03:39 AM
Response to Reply #1
11. They leave their papers alone for the most part editorially
The Minneapolish Star-Tribune editorial page has consistently been the most critical of the Bush Administration of any major daily in the country.
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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:15 AM
Response to Reply #11
14. excellent news. . . eom
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-11-06 10:12 AM
Response to Reply #11
28. Though there will still be a newspaper monopoly in the Twin Cities
if this goes through. They will have both the StarTribune and the St Paul Pioneer Press. That is not good for the state.
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wellst0nev0ter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-11-06 10:45 AM
Response to Reply #28
29. Yeah The Pioneer Press Sucks Enough As It Is
The only thing that makes me respect it is that it's not a carbon copy of its competitor. Now are we going to have the Twin Cities StarTribune & Pioneer?
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:01 AM
Response to Original message
2. McClatchy ruined the Raleigh News & Observer. I'm sorry to hear
of them buying Knight-Ridder. It means they will downsize severely and only use wire services and the feeds from WaPo and NYT's plus synidications. Another news service that was balanced and investigative bites the dust.

very sad. :-(
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Nostradammit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:19 AM
Response to Original message
4. Can't believe a guy named "Polk Laffoon" ever got a gig as spokesman
Though I'm sure he's perfectly competent.

Can't wait until the media is all owned by one company, then our entertainment and information needs will be completely satisfied. How much easier life will be when there are no conflicting opinions from which to choose!
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:22 AM
Response to Reply #4
5. Dammit, Nostra, bite your tongue! nt
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Nostradammit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:40 AM
Response to Reply #5
7. In the future, I won't have to read post like yours
;)
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:35 PM
Response to Reply #4
16. Looks like that one owner will be
Steve Jobs. He has the single largest block of stock in Disney, which owns ABC. His Mac Mini will be the gateway (media center) to the media in your living room. iTunes will be where you go for content. this is only the beginning.
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Nostradammit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 04:02 PM
Response to Reply #16
18. Uh, you say it like it's a good thing
"This is only the beginning"

I LOVE my Mac, but I love competition more.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 05:42 PM
Response to Reply #18
20. I was just
tweaking the Anti "Steve" crowd. Jobs hasn't shown any desire to get into journalism. His thing is content creation and delivery. If anything he has helped weaken the grip of the media moguls.
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Nostradammit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 05:52 PM
Response to Reply #20
21. Gotcha -
In a perfect world, the PC would be a doorstop.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 06:15 PM
Response to Reply #21
22. We are working toward perfection
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Up2Late Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:25 AM
Response to Original message
6. I wonder if it's a high enough bid? I heard that McClatchy would have...
...to borrow heavily to buy Knight-Ridder, and their is still the option of turning down an offer that's too low.

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joefree1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 01:28 AM
Response to Original message
8. Better then the jerks that bought the Los Angeles Times
My liberal dad loves the Sacto Bee.

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chaumont58 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:07 AM
Response to Original message
12. Don't forget the Modesto Bee and the Fresno Bee
I grew up reading the Modesto Bee. I lived in LA for years and read the LA Times daily. That's a good newspaper to wake up to every day. Even so, I think the Modesto Bee is a good newspaper too, if for a smaller town.
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David__77 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 12:20 PM
Response to Original message
15. Sacramento, Fresno and Modesto Bees are "Democratic" but anti-labor.
Really, these papers are "centrist" in terms of partisanship, but lean toward "pro-business Democrats." They are unrelenting in their opposition to working people's rights (minimum wage, living wage, unions) and are strongly anti-public teacher.
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RazzleDazzle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 02:44 PM
Response to Original message
17. Oh, thank God.
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Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 06:17 PM
Response to Original message
23. Well. The N & O sucks...
...so if he takes over Knight-Ridder, it'll suck just as badly. He's a U.S.-based Rupert Murdoch.
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RPM Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:14 PM
Response to Original message
24. Is McClatchy gay?
I have heard assertions to that effect. Anyone know?
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olddad56 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 10:17 PM
Response to Original message
25. I live in Sacramento, but don't read the Bee.
Even though it has a Democratic bent to it, it panders to Arnold and is just another conserative mouthpiece. The Bee is crap.
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beltanefauve Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-11-06 04:41 PM
Response to Reply #25
30. And the Sac Bee
is an improvement over the SF Chronicle! Or is it the Houston Chronicle? They seem to be interchangable these days.
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