Joseph Abbott (faxpaladin) wrote,
Joseph Abbott

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I just might get worried about this...

The largest stockholder in the Knight Ridder newspaper chain wants the company, or pieces of it, sold.

But that in itself isn't what worries me. This paragraph in the above article -- justifiably or not, I don't know -- is what alarms me:

The investment group [Private Capital Management of Naples, Fla., owned by Legg Mason Inc.] has also been buying shares of other newspaper companies. It is the biggest shareholder of Gannett, owner of USA Today; Tribune Co., the third-largest newspaper publisher; and the New York Times Co.

"Largest" doesn't mean majority in any of these cases; they own 19% of Knight Ridder. Still, one firm owns large chunks of four major newspaper chains. Should I be worried? Is this just standard incestuous corporate practice? Both of the above? (For the record, I work for Cox Newspapers, which is privately held.)
Tags: news

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