It's a drop in the bucket. It's only meaningful to the extent that it doesn't support the notion that the family thinks the sale of the company is imminent.

Gary Pruitt is the best young executive in the group. Right now, I have a hard time getting institutional investors interested in McClatchy, frankly. But with this merger, McClatchy becomes the most interesting name in the group. It goes from an interesting little niche story to a major story.

We're in a very negative phase with the stocks right now.

You can see the argument around the potential revenue from international editions not being sufficient, when compared to just putting the magazine up on the Internet. It is easy to cut back when the print editions don't give the biggest bang for the buck.

Hilary and Art are both pretty young, they were just promoted, and this was their big chance after waiting in the wings. Now it's being pulled out from under them.

Nobody in the newspaper business has raised guidance in a long time. And let's face it, the shorts got squeezed, too.