Wonky Newspaper Stuff Below
by Steve-OThis may not be of much interest to most people, but there aretwo interesting Star-Telegram-related items here.
First, Bruce Sherman, the investor who spearheaded the sale of the S-T’s former parent company Knight Ridder to McClatchy has sold off all of his newspaper stocks. Thanks, Bruce. History may remember you as the guy who finally killed the American newspaper as we used to know it. It remains to be seen whether that is a good or bad thing.
Second — and far more interesting –about new S-T parent company McClatchy. The company’s default credit rating was downgraded by Fitch from BB+ to just BB. The really interesting comment was this one — the fear that the company may be pressured to do something drastic: “… while Fitch recognizes that companies with dual-class stock structures may be somewhat insulated from shareholder activist-driven event risk, we are cautious that boards of directors and management teams may still be similarly pressured to consider management-lead buyouts (MBOs), other leveraging transactions or large-scale digital acquisitions to attempt to boost their companies’ share prices.” Hmmm. the plot thickens.
Tags: star-telegram
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