Knight Ridder Expected to Make Decision on Sale By Mid-March

Posted Wednesday, March 1, 2006 12:00 am

By: E&P Staff Knight Ridder has set a March 9 deadline for bids and will make any decisions to sell the company by mid-March, reports the San Jose Mercury News today.

MediaNews Group, Gannett, and McClatchy are participating in the auction, though none of the companies, including Knight Ridder, would comment on the subject.

MediaNews Group's CEO Dean Singleton has made visits to KR papers, the Mercury News, Contra Costa Times, and (last week) The Philadelphia Inquirer. His company has teamed up with private equity firm Madison Dearborn, Vestar Capital Partners, and Onex.

Thomas H. Lee and Hellman & Friedman are also expected to make a bid, while the Blackstone Group, Providence Equity Partners and Kohlberg Kravis and Roberts are still undecided, reports the Mercury News.

Knight Ridder has appointed a three-person independent panel to review bids to make sure potential buyers will maintain "journalistic excellence." However, the board does not have to follow the panel's recommendation.

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Knight Ridder Expected to Make Decision on Sale By Mid-March

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