NEW YORK -(Dow Jones)- Bruce Sherman, a major investor in newspaper companies who forced a sale of the
Knight Ridder newspaper chain, reported that he sharply reduced or eliminated holdings in several major publishers.Sherman's Private Capital Management reported no stock in Gannett Co. (GCI), Media General Inc. (MEG) or Belo Corp. (BLC), according to a quarterly disclosure of his holdings.
The firm also reported sharply reduced stakes in New York Times Co. (NYT), McClatchy (MNI) and Lee Enterprises Inc. (LEE). The disclosures filed with the Securities and Exchange Commission reflected stock held as of Sept. 30.
Sherman has been among the newspaper industry's greatest champions, but lately he's been hacking away at his holdings as newspapers are under increasing financial pressure.
Three months earlier, Private Capital Management had held a 1.6% stake in Gannett, publisher of USA Today; 4.8% of Belo Class A stock, and a 3.9% stake in Media General.
Sherman's biggest claim to fame came in late 2005, when he pressured Knight Ridder, publisher of the Miami Herald and Philadelphia Inquirer, over its sagging share price. His moves led to a breakup of Knight Ridder, most of which was bought by McClatchy.
Private Capital is a part of Legg Mason Inc. (LM).
[By Shira Ovide, Dow Jones Newswires; 201-938-5287; shira.ovide@dowjones.com]
Just like "Sir" Goldsmith did to Goodyear, Sherman burns his way through Knight-Ridder, then cuts and runs to torch other companies. And both left/leave a trail of unemployed in their putrid wake.
ReplyDeleteThis is "progress"?