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McClatchy Co. (NYSE: MNI) Chief Executive Gary Pruitt was considered by Wall Street a pretty savvy operator, but his reputation has taken a nosedive following his ill-advised decision to acquire Knight Ridder last year. Now, he seems perplexed as to why Wall Street isn't as bullish on newspapers as he thinks it should be."Certainly newspaper stocks are out of favor on Wall Street," he told Forbes.com. "That's happened before, and that will happen again. But we're not going to go away."
Then, he defended the Knight Ridder deal, saying that it helped boost revenue and cash flow, and strengthens the company in the long-term. The problem, as he noted, is that investors aren't buying his logic. Shares of the publisher of the Sacramento Bee, Kansas City Star and Miami Herald, have tumbled more than 70% this year, underperforming rivals including Gannett Co. (NYSE: GCI) and New York Times Co. (NYSE: NYT), which dropped 40% and 30% respectively.
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