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Major newspaper companies Gannett and McClatchy have expressed interest in purchasing Knight Ridder, and another newspaper company, MediaNews, is said to be interested in joining a bidding coalition though it has not yet submitted its own bid, according to SilicomValley.com. In addition, Knight Ridder received a joint bid from private equity firms Blackstone, Providence Equity, and Kohlberg Kravis Roberts. Four other firms - Texas Pacific Group, Thomas H. Lee Partners, Madison Dearborn Partners, and Spectrum Equity Partners - are expected to submit preliminary bids, though it was unclear on Friday whether they would be bidding separately or as part of a coalition, the article states.
Analysts had said they were unsure whether there would be much interest in purchasing Knight Ridder, but apparently the interest of the parties exceeded the low expectations.
However, if the next round of bidding doesn’t produce a bid well above the current stock price, Knight Ridder chief executive Tony Ridder could pursue an alternative plan to shareholders that would end pressure for a sale.
Knight Ridder is working with longtime financial advisor Goldman Sachs on strategies.
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