What can you do with Knight Ridders newspapers that its current owners can do?
Knight Ridder did a good job of running the papers. Going forward, we think the Internet will be an important part of the portfolio. But don’t get me wrong: We will attempt to run the papers better and more profitably and with higher quality. The selection of the markets is important. Q: The San Jose Mercury News, the Contra Costa Times and the Monterey County Herald would seem to mesh well with your California properties in Sacramento and Modesto. Why are you selling them? A: Initially, we felt we’d keep them. But when we decided to divest San Jose, it didn’t make sense to keep the others. Q: The value of this deal depends on how much you can get for the papers you want to sell. Given that you were the only newspaper company in the auction, what makes you so confident that others will meet or top the price you’re paying? A: Remember, Knight Ridder would only sell the company whole. And already today we’ve received an immense amount of interest. Many companies have different strategies
