Gannett May Join Bid for Knight
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Gannett Co. appears to have dropped out as an independent bidder for all of Knight Ridder Inc. and may instead try to join a group seeking to buy the San Jose-based newspaper company, said people close to the sale process.
Gannett, the publisher of USA Today, was expected to be a top contender in the auction. But Gannett skipped a meeting with Knight Ridder this week to go over the company’s financial data, a sign it will not bid independently, the sources said.
Instead, Gannett may try to forge an agreement with Denver-based publisher MediaNews Group Inc. and its partners, the sources said. MediaNews has been working on a bid with buyout firms Vestar Capital Partners, Madison Dearborn Partners and Onex Corp.
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