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January 24, 2006
Knight Ridder (KRI), the #2 newspaper chain, is reportedly readying its machete for another round of job and benefit cuts to sex itself up for prospective private equity buyers. It's yet another blow to the already gutted newsrooms of the Miami Herald, Philly Inquirer and the 30 other KR dailies -- and a depressing case study in the perils of public newspaper ownership. Dissatisfied shareholders, meanwhile...
...now find themselves paying the tab for a decade of myopically achieved, cutback-happy share-price gains at the hands of CEO Tony Ridder, who finds himself being forced into a sale. So much for growing by cutting.
While I eagerly await (my favorite) columnist Carl Hiaasen's take on the matter, I share these 2-cents from a friend at the Miami Herald:
"We've been starving, and now the buzzards are coming."
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