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Topic: Memos Sent to Romenesko
Date/Time: 11/14/2005 11:37:03 AM
Title: Ridder letter to KR employees
Posted By: Jim Romenesko
 
Dear Knight Ridder Employee:

This morning’s news is bound to raise questions for many of you. In an effort to respond, we have anticipated some of those questions and provided answers to them right here. If you feel you need further clarification on these, or on something else entirely, please let your supervisor know. We want to understand all of your concerns and respond to them as best we can.

In the meantime, I have just a few additional thoughts. One of the many things that are great about Knight Ridder is the quality of its people. I have never doubted that we have some of the best in the publishing industry. Our jobs, always, have been to publish great newspapers and online services, and we have done that very well. It is important that we continue to do so in the weeks and months to come. Indeed, a big part of all of our jobs will be to stay focused. Nothing could be more critical to the best outcome of the process we’re now in than that we run our businesses well.

Finally, I would like to reiterate something I have said before, but it feels like a good time to say it again: I am very proud of all of you and of Knight Ridder. We stand for many things, and you know them as well as I: quality journalism for our readers, value to our advertisers, fairness to one another, commitment to our communities, diversity in our pages, in our hiring and in our promotional practices, entrepreneurialism and creativity as we seek to transform old businesses and build new ones. It’s a privilege to work with so many people who share these commitments.

Thank you very much.

Tony Ridder

General

Q: What does it mean that the Knight Ridder Board of Directors is
"exploring strategic alternatives"? Does this mean the company is being
sold?
A: No. There is a wide range of possible outcomes which include the
sale of Knight Ridder, restructuring the company or engaging in some
other form of transaction or maintaining the company in its current
form.

Q: How long will this process take?
A: We can’t predict an exact timetable. It depends on what decisions are
made.

Q: What will happen to me?
A: One of Knight Ridder’s most valuable assets is our employees. We
must stay focused on producing our newspapers and Web sites at the high standards for which we are known. Your job is important to help us meet our goals. The best way to do that is to remain focused and to continue to meet or exceed the goals for your department. We know this is more difficult in a time of uncertainty and we appreciate your efforts during such a time.

Q: Is my job protected?
A: Unfortunately, now, as always, there are no guarantees. However,
during this period of uncertainty, we must continue to produce the highest quality products for our readers and advertisers. And we will
continue to work to provide a return on investment for our shareholders. Our employees are critical to this goal and we value and appreciate the contribution you make.

Q: I keep hearing about a possible "change of control." What does that
mean?
A: A “change of control” generally refers to the sale of a company.

Q: Will there be changes in the way our local company operates?
A: During this period of exploring strategic alternatives, we will continue business as usual. But we also will continue to be mindful of expenses in what continues to be a difficult revenue environment.

Q: What is the process Knight Ridder’s Board of Directors will follow?
A: The company is retaining Goldman Sachs, its longtime investment
banker, to advise it. When the Board makes a decision on a specific
transaction, there will be a public announcement. CONTINUED BELOW

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