Knight Ridder to Restructure Work Force

Apr 27, 2001, 01:00 ET from Knight Ridder

    SAN JOSE, Calif., April 27 /PRNewswire/ -- Knight Ridder (NYSE:   KRI) today
 announced a restructuring of its work force in response to both a recession in
 advertising revenue and a sharp increase in the price of newsprint.
     "There will be reductions in most newspapers," Chairman and CEO
 Tony Ridder said. "The number will vary according to local market conditions.
 We hope to achieve these reductions primarily through buyouts and early
 retirements.
     "This is a difficult time in so many ways, but in no way greater than
 having to disrupt the lives and trust of Knight Ridder people with whom we
 have worked so closely. But I do feel we have no choice."
     Ridder noted that February advertising revenue was down 2.7% from the same
 period last year, March was down 6% and April's reduction appears even more
 substantial. At the same time, the cost of newsprint was up almost 20% in the
 quarter.
     "I never have seen a fall-off as sudden or as steep as this one. I don't
 know anyone who is confident of a near-term, or a dramatic, uptick," Ridder
 said. "The only responsible course is to tighten our operations, but with
 maximum sensitivity to assuring the quality of our journalism and the
 long-term health of our franchises so that we are better positioned to meet
 the future, whatever the economic environment."
     Knight Ridder is the nation's second-largest newspaper publisher, with
 products in print and online. The company publishes 32 daily newspapers in
 28 U.S. markets, with a readership of 8.5 million daily and 12.6 million
 Sunday. Knight Ridder also has investments in a variety of Internet and
 technology companies and two newsprint companies. The company's Internet
 operation, KnightRidder.com, creates and maintains a variety of online
 services, including RealCities.com, a national network of city and regional
 destination sites in 40 U.S. markets. Knight Ridder and KnightRidder.com are
 located in San Jose, Calif.
 
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SOURCE Knight Ridder
    SAN JOSE, Calif., April 27 /PRNewswire/ -- Knight Ridder (NYSE:   KRI) today
 announced a restructuring of its work force in response to both a recession in
 advertising revenue and a sharp increase in the price of newsprint.
     "There will be reductions in most newspapers," Chairman and CEO
 Tony Ridder said. "The number will vary according to local market conditions.
 We hope to achieve these reductions primarily through buyouts and early
 retirements.
     "This is a difficult time in so many ways, but in no way greater than
 having to disrupt the lives and trust of Knight Ridder people with whom we
 have worked so closely. But I do feel we have no choice."
     Ridder noted that February advertising revenue was down 2.7% from the same
 period last year, March was down 6% and April's reduction appears even more
 substantial. At the same time, the cost of newsprint was up almost 20% in the
 quarter.
     "I never have seen a fall-off as sudden or as steep as this one. I don't
 know anyone who is confident of a near-term, or a dramatic, uptick," Ridder
 said. "The only responsible course is to tighten our operations, but with
 maximum sensitivity to assuring the quality of our journalism and the
 long-term health of our franchises so that we are better positioned to meet
 the future, whatever the economic environment."
     Knight Ridder is the nation's second-largest newspaper publisher, with
 products in print and online. The company publishes 32 daily newspapers in
 28 U.S. markets, with a readership of 8.5 million daily and 12.6 million
 Sunday. Knight Ridder also has investments in a variety of Internet and
 technology companies and two newsprint companies. The company's Internet
 operation, KnightRidder.com, creates and maintains a variety of online
 services, including RealCities.com, a national network of city and regional
 destination sites in 40 U.S. markets. Knight Ridder and KnightRidder.com are
 located in San Jose, Calif.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X43473281
 
 SOURCE  Knight Ridder