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Major investor cuts its newspaper holdings

February 20, 2006 | About:

Private Capital Management, which has pushed Knight Ridder to sell itself, trims stakes in 9 chains. The newspaper industry's largest shareholder has trimmed its bets.

Investments in nine national newspaper chains by Private Capital Management, a Legg Mason Inc. subsidiary based in Naples, Fla., have dropped from 16 percent of the company's portfolio in late 2004 and early 2005, to 13.8 percent as of Dec. 31, according to PCM's quarterly filing with the Securities and Exchange Commission earlier this week.

PCM reduced its investment in Knight Ridder Inc. from 12.9 million shares as of Sept. 30 to 12.4 million shares as of Dec. 31, according to its quarterly report. It was the second straight quarter in which PCM's Knight Ridder holdings dropped.


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