• WSJ (paid subscription required), Tuesday, November 15, 2005 12:48 PM

All the recent speculation was on the mark: Knight Ridder Inc., the San Jose,Calif.-based newspaper company, has put itself on the market. Goldman Sachs will quarterback the company's exploration of its market value. But The Wall Street Journal reports this morning that "few analysts expect" the possible sale to "spark a bidding war." It's not even clear if an adequate buyer will step forward, although the Journal mentions Gannett Co., Blackstone Group, and Providence Equity Partners as companies that would surely take a look at KR's books. Kohlberg, Kravis Roberts & Co. is also expected to be involved in the explorations. In the most foreboding section of its reportage, the Journal, quoting a banker, says, "Those preparing for a deal expect potentially big changes should private-equity firms wind up owning Knight Ridder. If one of those firms wins an auction, 'it's going to make the paper [sic] the lowest-common denominator it can' by cutting costs."

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