Another Knight Ridder shareholder calls for sale - - Tulsa, OK - News, Weather, Video and Sports - |

Another Knight Ridder shareholder calls for sale

NEW YORK (AP) _ Knight Ridder Inc., the second-largest newspaper publisher in the country, came under renewed pressure from investors Thursday as its third-largest shareholder joined a call to put the company up for sale.

Harris Associates LP, a Chicago-based money manager, sent a letter to Knight Ridder's board urging the company to consider offers ``immediately'' given the wide gap between the company's current share price and its fair value. Harris has an 8.2 percent stake in Knight Ridder.

The call comes just two days after Knight Ridder's largest shareholder, the Naples, Fla.-based investment firm Private Capital Management, called on the company to put itself up for sale or face a shareholder revolt that could lead to changes in the company's management and board of directors.

Private Capital owns 19 percent of the San Jose, Calif.-based publisher, whose newspapers include The Miami Herald, the San Jose Mercury News and The Philadelphia Inquirer.

Knight Ridder's shares, already sharply higher since PCM's broadside against the company on Tuesday, rose another $2.71, or 5 percent, to $61.79 in afternoon trading on the New York Stock Exchange Thursday.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.