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The CEO of McClatchy, Gary Pruitt, is a missionary, preaching that newspapers have value in an Internet age. McClatchy's $6.5 billion cash-and-stock deal to buy Knight-Ridder is being panned by investors wary that the company is doubling-down on its bet in a business that may be in decline, while adding some $3 billion of debt to a balance sheet that ended 2005 with a scant $154 million of long-term obligations. The good news is that McClatchy is paying less for Knight-Ridder than what other newspaper chains have fetched in the past. Pruitt faces a challenge in absorbing a much larger company, selling the unwanted Knight-Ridder newspapers, and reigniting growth at McClatchy's existing papers.
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Subject
Business indexing term
Location
Classification
Title
Restarting the Presses
Author
Barron's; New York, N.Y.
Volume
86
Issue
15
Pages
32
Number of pages
1
Publication year
2006
Publication date
Apr 10, 2006
Place of publication
New York, N.Y.
Country of publication
United States
Publication subject
ISSN
10778039
Source type
Trade Journal
Language of publication
English
Document type
News
Document feature
Illustrations; Tables; Graphs
ProQuest document ID
201067671
Document URL
https://www.proquest.com/trade-journals/restarting-presses/docview/201067671/se-2?accountid=208611
Copyright
Copyright Dow Jones & Company Inc Apr 10, 2006
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Last updated
2024-12-05
Database
ProQuest One Academic