New York – Newspaper publisher Knight Ridder Inc., under pressure from its largest shareholders, said Monday it would consider selling itself and take other steps to boost shareholder value.
Two Denver companies – Denver Post owner ap and Denver financier Philip Anschutz’s Clarity Media Group – were mentioned in media and analyst reports as potential buyers.
Both companies sought to distance themselves.
Jim Monaghan, an Anschutz spokesman, said there was no truth to a report from Merrill Lynch analyst Lauren Rich Fine.
MediaNews declined to comment through its president, Jody Lodovic, citing company policy.
Knight Ridder, the San Jose, Calif.-based publisher of The Miami Herald, the San Jose Mercury News and 30 other newspapers, said it would work with Goldman Sachs & Co. to explore options.
Knight Ridder also said it had changed its bylaws to allow shareholders to submit proposals at its annual meeting, scheduled for April, and also to nominate directors.
In a prepared statement, Knight Ridder said there was no assurance that there would be a transaction. The company also said it didn’t intend to provide any updates “unless and until” its board approved a specific transaction.
Denver Post staff writer Will Shanley contributed to this report.
