Magazine article Editor & Publisher

Sherman's March: Man Who Forced Knight Ridder Sale, Says Goodbye to Newspapers

Magazine article Editor & Publisher

Sherman's March: Man Who Forced Knight Ridder Sale, Says Goodbye to Newspapers

Article excerpt

Bruce Sherman, whose Private Capital Management (PCM) investment firm nearly single-handedly forced the sale of Knight Ridder -- ushering in the era of Wall Street antipathy toward newspaper stocks -- formally bid the sector goodbye in a series of regulatory filings Thursday. In documents filed with the Securities and Exchange Commission (SEC), PCM said it no longer owned any stock in The New York Times Co., Lee Enterprises or Belo, and that it was effectively done as an investor in The McClatchy Co. Sherman had signaled months ago that he was through with newspaper investing for now, and Thursday's filings amounted to a final housecleaning. Still, it was remarkable to see all those 0.0% ownerships of class in filing after filing because PCM not long ago had serious stakes in the nation's biggest publishers. In September of 2005, for instance, PCM owned a gigantic 37.61% of McClatchy common stock. Thursday, the firm reported that it directly owned no shares at all, and was simply managing on behalf of an investor a tiny portfolio of 9,164 shares. In that same period, PCM owned a 15.07% stake in the Times Co., an 18. …

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