More bidders for McClatchy Co. newspaper sales
Ron Burkle, billionaire supermarket magnate and wide-range investor, will bid on the 12 papers McClatchy Co. is planning to sell (see former posting). Burkle, head of investment firm Yucaipa Cos. of Los Angeles, will bid on behalf of Yucaipa Cos., a union representing many of the intended to be sold newspapers’ workers.
If Burkle's bid were accepted, the papers would be run by a new company called ValuePlus Media and in an employee ownership manner.
Such a purchase by a non-native news company is exactly what Knight Ridder and the newspaper industry fears. There is a high possibility that these newspapers could suffer more cut backs and diminished journalistic quality under such an owner.
Source: San Francisco Chronicle
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