March 13, 2006

It's a sale! Every newspaper must go!

The big media news today is that Knight Ridder -- parent company of the Inquirer and Daily News -- has agreed to sell itself to McClatchy. The Sacramento-based company will then sell 12 of the 32 papers it buys, saying those papers don't fit the company's model of buying newspapers in growing markets. (Yes, bashing the assets before you sell them seems like a strange move. But, then again, I don't know business.)

Two of those papers in non-growing markets are, of course, the Inky and Daily News. McClatchy hasn't said if it's going to sell the two as a package, but that seems like the most sensible idea. (Selling them separately would make no sense for the buyer of whichever paper moving out of 400 N. Broad, i.e. the Daily News.) The company also hasn't said if it will only sell them as a package or just sell the Inky or close the DN.

Obviously, this sucks for the people at the 12 papers being sold again, but MediaNews -- who couldn't negotiate a deal with Gannett to make a big for Knight Ridder -- is said to be interested in some of McClatchy's new urban papers its looking to sell. That'd be the Inky and DN.

As with any story like this, more news when it (a) develops or (b) gets funny.

McClatchy to buy Knight Ridder for $4.5 billion, sell Inquirer and Daily News [AP/Philly.com]

Posted by D-Mac on March 13, 2006 09:45 AM
Posted to Daily News , Inquirer , Knight Ridder

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