Posted on 03/30/2006 4:14:27 AM PST by abb
NEW YORK Knight Ridder CEO Tony Ridder told staffers at his company's San Jose Mercury News on Wednesday that he had started raising money to buy that paper and two others in California now being sold by The McClatchy Co.--but has stopped at the urging of his lawyers and investment bankers.
The other two papers were The Monterey County Herald and the Contra Costa Times. He held two meetings Wednesday with the staff of the Mercury News, according to Pete Carey's account in the Thursday edition of the paper. The three newspapers are among the 12 "orphans" put up for sale again by McClatchy after its winning bid for all of Knight Ridder.
In other news, Carey reveals that sources close to the secretive sale now say that MediaNews Group has submitted a bid for The Herald, the Mercury News, the Contra Costa Times, the St. Paul Pioneer Press and the two Philadelphia dailies.
Carey, recounting the Wednesday drama at the Merc, quotes Ridder as saying that he had been surprised that McClatchy had put so many papers, including the San Jose one, back up for sale: "We could not change their minds."
But then he grew "actually pretty excited a few days after the announcement," Ridder said. "I was out raising the money. I was also thinking about the Contra Costa Times and possibly Monterey -- the three California papers.''
But his chief legal officer and KR's New York lawyers and investment bankers "gave me a lot of reasons that caused me not to pursue that,'' he said. Among the reasons: a perceived conflict of interest because of his role as CEO.
Meanwhile, the Monterey Herald reports today that a group of local investors led by businessman Nader Agha said Wednesday it will make a bid for that paper.
"We are definitely going to make an offer," said Charles Chrietzberg, president and chief executive of Monterey County Bank. The bid could be $50 million, depending on financial information not yet reviewed, Chrietzberg said.
Also in California, the Contra Costa Times reported that developer Albert Seeno is interested in buying the paper.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.