Former Knight Ridder Exec Isn't Selling

This letter was written to Editor and Publisher by a former Knight Ridder executive:

I sincerely hope that the recent pressure on Knight Ridder to sell itself, restructure, or whatever it is that critics want, accomplishes nothing. Knight Ridder has a positive, if not spectacular, record as an investment, and in the current atmosphere of corporate misconduct and mistrust, it is a company with a long, proud record of integrity.

While I understand the need for profit growth, I also know that there is more to business, especially the newspaper business, than simple dollars and cents.

Those who follow the newspaper industry, and every journalist, know that in this business, there is a dual responsibility. We need to make profits which reward our shareholders, but we also have a powerful obligation to inform our readers, to be a strong influence for good in our communities, and to be the kind of watchdog for the public interest that only a good newspaper can be.

It's difficult to balance the two responsibilities. Nobody is perfect; everyone would like high profit margins and Pulitzer prizes at the same time. Despite the obstacles, I think Tony Ridder has done a first rate job of steering the company to the kind of balance that's required.

For shareholders who cannot tolerate the vagaries of the newspaper business and have maximum profit as their only goal, I say, "Sell, if you must, and invest in some cash register company without a soul."

I retired in 1995 as senior vice president, operations, Knight Ridder, so I am biased. But from experience I know what kind of company it is. Under current circumstances, I'm not interested in selling my stock.

Gus Harwell
Port Orange, Fla.