The 11.5 times multiple -- which is two full turns higher than the 9.5 times multiple we paid for the whole of Knight Ridder -- demonstrates that these are strong newspapers with great value to companies whose strategies fit them.
More Quotes from Gary Pruitt:
Advertising spending continues to be somewhat choppy in our markets, but we do not view December's results as indicative of a trend in advertising performance going forward.Gary Pruitt
We expect each of our papers to get better every year and work toward becoming the best in the company of its size.
Gary Pruitt
This puts us back in the breaking news business and back into the continuous news mode.
Gary Pruitt
Christmas was on a Sunday in 2005, which had a greater than expected negative impact on retail and classified advertising during the last weekend of our fiscal year. In addition, our California papers had held up well in automotive advertising, but the industry-wide decline in this category reached them in the fourth quarter as well.
Gary Pruitt
We do think that retail will continue its sluggish performance and we're working hard to make sure that we're getting more smaller ads in the newspapers to make up for that,
Gary Pruitt
December advertising, which was down one per cent, resulted in fourth-quarter results below our expectations.
Gary Pruitt
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