Two competing versions of the sale of the Knight Ridder newspaper chain to McClatchy Co.
First, from a New York Times story that, according to the home page, was updated at 7:33 a.m. today:
Analysts speculate that the company could shut down The Philadelphia Daily News and possibly sell The Inquirer, since the business climate in Philadelphia is sluggish and the papers face tough competition from a ring of suburban dailies. On the other hand, they say, The Inquirer generates a lot of cash, something McClatchy will need as it goes into debt to pay for Knight Ridder.
From a Wall Street Journal story stamped 7:38 a.m. today:
McClatchy, which is paying $67.25 a share for the rival publishing chain, plans to sell a dozen Knight Ridder newspapers, including the Philadelphia Inquirer, the Philadelphia Daily News and the San Jose Mercury News. McClatchy said those papers are located in cities that “do not fit the company’s longstanding acquisition criteria, chiefly involving growing markets.”
Based on this, at least, it looks like while the Times was speculating, the Journal was finding out what was really going on.
Catching up: From the Times’ 8:47 a.m. update:
The combined company plans to sell 12 Knight-Ridder papers, including both its papers in Philadelphia, the Inquirer and the Daily News, along with The San Jose Mercury News, according to the announcement. Knight-Ridder papers, including both its papers in Philadelphia, the Inquirer and the Daily News, along with The San Jose Mercury News, according to the announcement.