Hard Out There To Be Pimped? KR’s Philly Papers (Back On Market) Respond to Deal

RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn

By: E&P Staff

So how are Knight Ridder’s 32 dailies reacting to the sale of their parent company — especially since new owner McClatchy Co. has already put 12 of them up for sale again?

The Philadelphia Inquirer, one of those paper still on the market, observed, “Executives at Philadelphia Newspapers Inc. — the parent of the Inquirer and Daily News — were told today that the sale of the 12 papers, including The Inquirer and Daily News, would happen in the same time frame that it closes the deal for the rest of Knight Ridder, meaning within the next four to six months. J.P. Morgan and Credit Suisse are to handle the transaction for McClatchy.”

The paper quoted McClatchy CEO Gary Pruitt: “We do not think it will be difficult to find buyers … We begin marketing these papers today … We will move with alacrity. Perhaps a simultaneous closing.”

Taking a more black-humor approach was Will Bunch, the reporter/Attytood blogger at the Philadelphia Daily News, a tabloid that some fear could even be shut down. He recalled a famous, short-lived baseball trade from a few years back: “Do you remember Mike Piazza’s career with the Florida Marlins? Of course not, since it lasted for just one week, before he was moved again to the Mets.

“Well, the Daily News is pulling a Piazza — we’re back on the market, and our career as a McClatchy newspaper will apparently be shorter than his stay in Dolphin Stadium was. For sale again, to the highest bidder.

“It’s hard out here for the pimped.”

Leave a Reply

Your email address will not be published. Required fields are marked *