Doesn’t look like we’re going to get a quick answer about Knight Ridder’s fate; the next round of bids may not be until late February.
– Knight Ridder’s upbeat view may delay bids-sources: The players: Gannett has signed the confidentiality agreement required to go deeper. KR execs met with McClatchy Co. last week and this week with a new group that reportedly includes Dean Singleton’s MediaNews Group and buyout artists Vestar Capital Partners, Madison Dearborn Partners and Onex Corp. Former Gannett newspaper division president Gary Watson may be part of that group. Sources tell Reuters two other private equity groups are still in the mix:
– Blackstone Group, Kohlberg Kravis Roberts & Co. and Providence Equity Partners
– Texas Pacific Group, Thomas H. Lee Partners, Bain Capital and Hellman & Friedman
Meanwhile, KR execs are said to be painting such an optimistic picture of the future that the groups may have to rework their numbers, further stretching out the process.
– MediaNews chief meets with Knight Ridder executives about possible sale: MediaNew CEO Dean Singleton met with KR officials this week. As we’ve noted before, MediaNews is privately held; Singleton doesn’t face the same public pressure — or scrutiny nor does he have to deal with the same layers of SEC regulations. Still, MediaGroup, like McClatchy, is a smaller company than KR and most likely would do some strategic selling/swapping if Singleton’s group posts the winning bid. The combined company could stay largely intact on the theory that operating privately may make enough of a difference.
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