MediaNews Group is discussing a possible alliance with Gannett, the nation's largest newspaper chain, to acquire Knight Ridder, which put itself up for sale under pressure from shareholders.
Sources confirmed that MediaNews, a privately held Denver-based newspaper chain, is in talks with Gannett regarding Knight Ridder, the nation's second-largest newspaper company. MediaNews, the seventh-largest newspaper publisher, needs partners to finance a bid for Knight Ridder and has already teamed up with three private equity firms. Gannett canceled two days of meetings with Knight Ridder that were to take place last week.
It was unclear whether Gannett, based in McLean, Va., was planning on a joint bid with MediaNews to buy all of Knight Ridder, or if the two would divide up Knight Ridder's 32 newspapers in the event of a successful bid.
Sources also said one private equity team -- Texas Pacific, Thomas H. Lee, and Hellman & Friedman -- is returning for another round of meetings with Knight Ridder this week.
Source: Pete Carey, The San Jose Mercury News
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