Houghton was the last ‘independent’ educational publisher left. To get into the school market, Houghton was the last one.

The probability is going up that there’s going to be some kind of transaction involving Knight Ridder.

This Cantor Fitzgerald issue is a serious hurdle. Without that [quote service], Dow Jones [Markets] doesn’t have much of a franchise. It’s a key asset.

Ultimately, the fragmentation is going to make it tougher for them [broadcasters] to hold on to their share.

It’s an orderly transition, I think. Jordan is taking a less visible role and the broadcast guys are assuming positions of power.

You’re not going to see a (buying and selling) frenzy. For the time being it should … give investors some comfort there is some value out there.

The real problem is structural: retail consolidation, difficulties in the classified auto space and competition from other media.

I would not be surprised if a private equity group ended up buying Knight Ridder, and then took their time and sold off the assets to strategic buyers.