Bruce Sherman (pictured) of Private Capital Management, the Naples, Fla., investment firm that led the shareholder revolt that forced Knight Ridder to auction itself off, sounded relieved that McClatchy had bought the newspaper chain. Given the price he paid for KR stock, it looks like his firm will probably break even though it is doubtful he will receive a $300 million bonus pegged to the performance of his investment funds. “When the world thinks you may have struck out, it’s not bad when you hit a single,” Sherman told the New York Times. One wonders, though, why Sherman isn’t more concerned about McClatchy stock (see red line on chart), which has been headed downhill all year, and continued its plunge yesterday after the KR announcement. [UPDATE: McClatchy shares continue year-long slide]

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