We think the multiple paid is unlikely to produce much cheer for newspaper investors.

Rather than meeting the chef, we heard more from the chief financial officer and even had a review of the financials. We thought the new openness was refreshing.

Rather than meeting the chef, we heard more from the CFO and even had a review of the financials.

We are primarily focused on revenues as this is critical to the well being of the company and the shares.

The supposedly lack of participation by private equity firms also does not send a good signal, in our view.

We're not paid to try hard. That should be a given. We're paid to produce.