Knight Ridder Papers Draw at Least 3 Bids

KNIGHT RIDDER PAPERS DRAW AT LEAST 3 BIDS
[SOURCE: Los Angeles Times, AUTHOR: Joseph Menn and James Rainey]
McClatchy Co.'s planned sale of a dozen Knight Ridder Inc. newspapers drew bids from at least three potential buyers Tuesday — including an offer for all 12 from Los Angeles investment firm Yucaipa Cos. Yucaipa, controlled by billionaire Ron Burkle, is allied with the Newspaper Guild-Communications Workers of America, the union that represents employees at eight of the papers. Robert Hall, an advisor to Yucaipa and the union, described the bid as "very competitive and aggressive." Denver-based MediaNews Group Inc., which owns the Denver Post and Daily News in Los Angeles, bid for at least some of the papers, people involved in the process said. In addition, wire services reported that a group led by Bruce Toll, vice chairman of home builder Toll Bros. Inc., bid for the two Philadelphia papers -- the Inquirer and Daily News. Gannett Co., owner of USA Today and considered a potential bidder, apparently didn't submit an offer. All told, the 12 papers are expected to fetch more than $1 billion.
http://www.latimes.com/business/printedition/la-fi-mcclatchy29mar29,1,24...
(requires registration)