Tony Ridder, chairman-CEO of Knight Ridder and the current personification of how Wall Street pressures affect newspapers' traditional editorial mission, dryly greeted attendees with "It's nice to see a packed house."
Knight Ridder's presentation was studded with research attesting to newspapers' power in their local markets, but the financial news the company divulged was of the sort best accompanied by "ouch": ad revenues down 8.6% in April and May and "about the same" in June and an overall second-quarter ad revenue decline between 8% and 9%. Mr. Ridder also added that his company's oft-stated overall profit margin goal in the mid-20's will be temporarily "derail[ed]" by current economic conditions. See the full story.-- Jon Fine
Copyright June 2001, Crain Communications Inc.