Knight Ridder chairman Tony Ridder tells the New York Times that he feels “terrible” that McClatchy, which bought KR’s 32 newspapers, plans to now resell 12 of them, including the San Jose Mercury News and Contra Costa Times. Ridder said he learned of McClatchy’s plans Thursday night and since then has been trying to negotiate retirement benefits for KR employees who might lose their jobs when the papers are sold. Ridder said he was told by McClatchy chairman Gary Pruitt that no deals have been made to sell any of the 12 papers. Ridder said he felt he had no choice but to put KR on the block because it appeared likely that disgruntled investors would likely win 3 seats on KR’s 10-member board this year and 4 more next year. “So by ’07, it would have been over,” Ridder told the Times.
'Terrible' — Ridder on McClatchy sale plans
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