About the cross-ownership rules I don’t know, but our S-T correspondent is right about the cash flow: Knight Ridder’s is great. But Wall Street only cares about Wall Street, i.e., how the stock is doing. So the solution is obvious, and it wouldn’t surprise anyone: KR management using its cash flow leverage to buy out its disgruntled shareholders at a premium (which is what they want) and taking the company private. Considering what’s happened to the stock prices of the NYTimes, Washington Post, Gannett, and other newspaper companies in the last six months, that’s probably every executive’s dream.
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