Leading Analysts   

HERE ARE SOME OTHER analysts of the newspaper business given high marks by publication Institutional Investor and/or consulting firm Greenwich Associates:

WILLIAM BIRD, senior publishing and advertising analyst, SALOMAN SMITH BARNEY
Bird says he "fell into" being a media analyst after working in other finance areas. He joined the company in May 1997 and has been a member of the Institutional Investor All-America Research Team poll in the publishing and advertising agencies and marketing services sectors. He received a bachelor's degree from Harvard and an MBA from Duke University's Fuqua School of Business.
What he said about the challenges of being a newspaper CEO: "CEOs have a fiduciary responsibility to maximize shareholder values.... You have to strike a careful balance between maintaining editorial quality and generating good financial return. In the end, those goals are consistent."

KEVAN GRUNEICH, senior managing director and publishing/information analyst, BEAR, STEARNS & CO.
Gruneich got into the media business at an early age--as a paper boy in Iowa with the Oskaloosa Herald and the Des Moines Register. A member of Bear, Stearns since 1996 and CS First Boston before that, he has been voted a member of Institutional Investor's All-America Research Team for each of the past 17 years and has been selected the top publishing analyst eight of those years.
Gruneich earned a bachelor's degree from the University of Iowa and an MBA from the Wharton School of the University of Pennsylvania.
What he said about the layoffs by Knight Ridder: "It is going to have to be done. No one expected advertising to fall off so much or slump for so long," Gruneich told the Associated Press in April.

WILLIAM DREWRY, managing director and publishing analyst, CREDIT SUISSE FIRST BOSTON
Drewry worked at Donaldson, Lufkin & Jenrette from 1998 until the merger with Credit Suisse First Boston in October 2000. He ranked No. 1 in two separate rankings of analysts from 1998 to 2000: the Institutional Investor All-Star Research Team and the Greenwich Associates fund manager surveys.
Previously, Drewry worked at PaineWebber, where he was ranked best "Up-and-Comer" in the 1996 Institutional Investor All-America Research Team. He has a bachelor's degree in history from Old Dominion University.
What his advice was to investors about newspaper stocks: "Keep your eye closely on the stocks.... Another couple of rate cuts and renewed momentum in the economy should send these stocks significantly higher," Drewry said during a February media roundtable on newspaper stocks, according to the Wall Street Transcript.

DOUGLAS ARTHUR, managing director, MORGAN STANLEY
Arthur joined Morgan Stanley in late 1994 and covers the publishing industry. He received a bachelor's degree in history and art history from Colgate University.
What he said on how relaxing rules that generally prohibit companies from owning a newspaper and a TV station in the same market could affect newspaper companies: "The broadcasters--certainly the radio guys--have pretty much said they're not buying newspaper companies. I think what you'll see is the big newspapers will attempt to go after the smaller newspaper companies that have TV properties," Arthur said on CNBC's "Squawk Box" in March.