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  1. #1
    purpleFavreEaters's Avatar
    purpleFavreEaters is offline Coordinator
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    Breaking News:The Evil Empire strikes again

    It appears as though the owner of the Star Tribune has now purchased The Pioneer Press. Should be interesting to see how this pans out being the Trib and The press seem to always have so many different viewpoints on various topics. I for one do not agree with this merger, so much for difference of opinion among our local major newspapers from this point on.


    http://www.startribune.com/535/story/302449.html

  2. #2
    olson_10's Avatar
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    Re: Breaking News:The Evil Empire strikes again

    wow..the two usually had totally different sides on issues..now we dont really have a choice on whos opinions we can like better
    People who see life as anything more than pure entertainment are missing the point.

  3. #3
    mogwai's Avatar
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    Re: Breaking News:The Evil Empire strikes again

    one paper one point of view.never good

  4. #4
    olson_10's Avatar
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    Re: Breaking News:The Evil Empire strikes again

    everytime i see "the evil empire strikes again" i usually think "well what have the yankees does this time to blow their world series chances?"
    People who see life as anything more than pure entertainment are missing the point.

  5. #5
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    Re: Breaking News:The Evil Empire strikes again

    I have a weird feeling that that might keep some of the writers at the PP.

  6. #6
    shockzilla's Avatar
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    Re: Breaking News:The Evil Empire strikes again

    This can't be good for journalism...
    PPO Ambassador, Defender of the Purple Faith and Guardian of the Gates of Valhalla

  7. #7
    VikesfaninWis's Avatar
    VikesfaninWis is offline Jersey Retired
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    Re: Breaking News:The Evil Empire strikes again

    I don't live in Minny, but by the sounds of it, you Minnesota natives aren't liking this very much.

  8. #8
    Prophet Guest

    Re: Breaking News:The Evil Empire strikes again

    It's not that different from the national news already. A bunch of drones feeding the peasants the same dribble.

  9. #9
    NordicNed is online now Jersey Retired
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    Re: Breaking News:The Evil Empire strikes again

    I read your papers sometimes, and the Star Tribune I don't like that much at all. Espeicaly the sports writers there.....

    Sounds like it my turn out to be another NY Times to me....


    I LOVE THE SMELL OF VICTORY IN THE MORNING AIR.

  10. #10
    COJOMAY is offline Jersey Retired
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    Re: Breaking News:The Evil Empire strikes again

    Knight Ridder, who owns the Pioneer Press sells out to McClatchy Company who owns the Tribune. Here's the article:

    [size=18px]Newspaper Chain Agrees to a Sale for $4.5 Billion[/size]
    By KATHARINE Q. SEELYE
    and ANDREW ROSS SORKIN


    Knight Ridder, the second-largest newspaper company in the United States, agreed Sunday night to sell itself for about $4.5 billion in cash and stock to the McClatchy Company, a publisher half its size, according to people involved in the negotiations.

    The deal, which is expected to be announced on Monday, comes as the newspaper industry is gripped by uncertainty. Readers have begun to drift away from printed newspapers as their Web sites have experienced sharp gains in use.

    The sale may help assuage some investors who are nervous about the values of newspaper companies, however, because Knight Ridder commanded a premium of about 25 percent for its shares from the time it put itself up for sale in November under pressure from shareholders who were unhappy with performance of its stock.

    Still, McClatchy, which is based in Sacramento and publishes The Sacramento Bee and The Star Tribune in Minneapolis, among others, was the only major newspaper company to submit a final bid for Knight Ridder, publisher of 32 daily newspapers, including such venerable papers as The Miami Herald, The Philadelphia Inquirer and The San Jose Mercury News.

    While Knight Ridder attracted interest from some big publishers, including Gannett, the largest chain in the United States, most major newspaper companies passed on the auction entirely, underscoring just how unsettled the biggest players are about their own business.

    Under the terms of the deal, McClatchy agreed to pay about $67 a share in cash and stock for Knight Ridder, these people said. About 60 percent of the payment will be in cash, while the rest will be in McClatchy shares.

    On Friday, Knight Ridder's shares rose 4 percent in anticipation that a deal would be reached over the weekend. But those shares had been trading at about $53 a share when Bruce Sherman, a Knight Ridder shareholder, went public with his efforts to put pressure on the company to put itself up for sale.

    Because Knight Ridder is so much larger than McClatchy, the merger is likely to create some upheaval for both companies. McClatchy could sell or close some of the Knight Ridder papers and could take further cost-control measures in its own newsrooms to help finance the deal. It was uncertain when the deal would be completed.

    Knight Ridder, based in San Jose, Calif., has almost three times as many dailies as the 12 owned by McClatchy. Knight Ridder's $3 billion in revenue for 2005 was more than twice McClatchy's $1.2 billion.

    The company put itself up for sale partly at the urging of Mr. Sherman, a portfolio manager who runs Private Capital Management, a subsidiary of the brokerage firm Legg Mason.

    "McClatchy is a dolphin swallowing a small whale," said Chuck Richard, an analyst at Outsell Inc., a research firm for the information industry.

    Still, the prospect of a McClatchy takeover may bring some relief within Knight Ridder, where some had feared a takeover by investors who had little newspaper experience and were likely to strip down the properties and eventually sell them off.

    "I think most everyone in the newsroom has a great deal of respect for McClatchy and the papers it runs," said Michael Cassidy, a columnist for The San Jose Mercury News, who has worked at the paper for the past 20 years. "Given the various scenarios, including the private equity firms that were involved in the bidding, McClatchy would be a newsroom favorite."

    McClatchy has one of the strongest track records in the newspaper business, both for award-winning journalism in its generally small and medium circulation categories, and financially. The industry has faced declining circulation and falling stock prices in the last several years, but McClatchy, through the end of 2004, had 20 consecutive years of circulation increases and 10 consecutive years in which its shares grew at the highest rate of any newspaper stock.

    McClatchy's gains have slowed in the last several months as it confronts the same challenges other newspapers face, although analysts said its disciplined management had put it in a stronger position than many.

    McClatchy's operating profit margin was 22.8 percent last year, compared with Knight Ridder's 16.4 percent.

    While the Knight Ridder papers are profitable, some are more troubled than others and may be a drag on McClatchy's bottom line. Analysts speculate that the company could shut down The Philadelphia Daily News and possibly sell The Inquirer, since the business climate in Philadelphia is sluggish and the papers face tough competition from a ring of suburban dailies. On the other hand, they say, The Inquirer generates a lot of cash, something McClatchy will need as it goes into debt to pay for Knight Ridder.

    "I would hope that McClatchy would be able to understand the value of having two competing newspapers in one city and would keep the tabloid alive," said Theresa Conroy, who has been a reporter for The Daily News for 11 years. "But it seems that in most of the scenarios that all the analysts talked about, no matter who bought us, they were going to close The Daily News."

    Analysts have also suggested that McClatchy may sell Knight Ridder's St. Paul Pioneer Press. McClatchy already owns The Star Tribune in adjacent Minneapolis and could face an antitrust challenge if it kept the St. Paul paper. The Pioneer Press's profit margin is just 10 percent, relatively low for the industry, and selling it would also help McClatchy raise money to pay for the deal.

    "McClatchy is clearly an excellent company," said Mike Burbach, who became editorial editor of The Pioneer Press three weeks ago. "They're known for good business and good journalism. The concern in St. Paul is what happens to The Pioneer Press under McClatchy.

    "Everybody here wants to see St. Paul exist and be as vigorous and strong a newspaper as it has been," he said.

    McClatchy's philosophy has been to find papers in growth markets with no direct daily print competition, although Minneapolis and Anchorage, Alaska, were exceptions. The company bought The Anchorage Daily News in 1979 and went against The Anchorage Times, which it bought and shut down in 1992.

    Analysts also expect McClatchy to save on costs by consolidating some state and national news operations as well as advertising sales with Knight Ridder. For example, it could absorb the San Jose paper into its string of northern California papers, and merge operations at its News & Observer in Raleigh, N.C., with Knight Ridder's Charlotte Observer.

    Such combinations would also greatly enhance McClatchy's presence on the Internet. In addition to several newspaper Web sites, Knight Ridder has a stake in the popular CareerBuilder.com site.

    It also operates the Real Cities Network, the largest national network of city and regional Web sites in more than 110 markets.

    The deal, if completed, would mean a rich payday for P. Anthony Ridder, the chief executive. Mr. Ridder is entitled to a lump-sum payment worth three times his salary and bonus, which was about $1.7 million in 2004.

    The deal would unite two storied newspaper companies. Knight Ridder was formed by the merger in 1974 of two family-controlled companies, Knight and Ridder.

    The Ridder company dates to 1892, when Herman Ridder bought The Staats-Zeitung, the leading German-language newspaper in the United States. The Knight empire began in 1903, when Charles Landon Knight bought The Akron Beacon Journal.

    The company now owns 32 dailies in 29 markets, with a daily circulation of 3.3 million. They have won 84 Pulitzer Prizes, including 14 for public service.

    The McClatchy chain was started in 1857 with The Bee in Sacramento by James McClatchy, who had fled Ireland during the potato famine.

    Today, four fifth-generation McClatchys sit on the company's 14-member board. The papers have won 13 Pulitzer Prizes, including five for public service.

    Mike Jacobs, publisher and editor of The Grand Forks Herald, a Knight Ridder paper in North Dakota, said: "Of course I'm familiar with McClatchy and I think highly of McClatchy. As we say in North Dakota, it could be worse."

    http://www.nytimes.com/2006/03/12/business/media/13knight.web.html?ei=5065&en=ec16e217f62fdb5b&ex=1 142830800&partner=MYWAY&pagewanted=print
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