Private Capital Management chief executive Bruce Sherman (pictured), who organized a group of shareholders that demanded Knight Ridder put itself on the market, has reduced his firm’s stake in the company from 19% to 18%, according to a report by Pete Carey in the Mercury News. In the same story, analysts tell Carey that they doubt KR’s stock will rise if the company is put on the market. A decision by the board of directors on whether to sell the company is due by mid-March. In related news, Editor & Publisher reports that Gannett might be more interested in buying KR now that a group of regional papers it wanted in the UK was pulled off the market.