Knight Ridder Inc – ‘10-K’ for 12/25/94

As of:  Friday, 3/24/95   ·   For:  12/25/94   ·   Accession #:  205520-95-7   ·   File #:  1-07553

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        1994 10-K                                            168    437K 
 2: EX-27       Financial Data Schedule                                2      7K 

10-K   —   1994 10-K
Document Table of Contents

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         UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
            Washington, D.C. 20549
         Form 10-K

            ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended DECEMBER 25, 1994      Commission file number 1-7553  

             KNIGHT-RIDDER, INC.
            (Exact name of registrant as specified in its charter)

A Florida corporation                     NO. 38-0723657    
   (State or other jurisdiction of    (I.R.S. Employer Identification No.)
incorporation or organization)                                    

    One Herald Plaza                Miami, Florida 33132
    (Address of principal executive offices)

   Registrant's telephone number, including area code (305) 376-3800

 Securities registered pursuant to Section 12(b) of the Act:

       Title of each class       Name of each exchange on which registered
Common Stock, $.02 1/12 Par Value          New York Stock Exchange        
                                Tokyo Stock Exchange
                                    Frankfurt Stock Exchange

     Securities registered pursuant to Section 12(g) of the Act:
    none

Indicate by check mark whether the registrant (1) has filed all reports         
required to be filed by Section 13 or 15(d) of the Securities Exchange Act      
of 1934 during the preceding 12 months (or for such shorter period that the     
registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days.  Yes  X  No                           
                                                                             -3-

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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405  
of Regulation S-K is not contained herein, and will not be contained, to the    
best of registrant's knowledge, in definitive proxy or information statements   
incorporated by reference in Part III of this Form 10-K or any amendments to    
this Form 10-K.   [   ]                                                         

State the aggregate market value of the voting stock held by non-affiliates     
of the registrant. (The aggregate market value is computed by reference to the  
price at which the stock was sold as of February 26,1995:  $2,445,400,722.      

Indicate the number of shares outstanding of each of the registrant's classes   
of common stock, as of the latest practicable date: February 26, 1995 -         
51,479,820  one class Common Stock, $.02 1/12 Par Value                         

     DOCUMENTS INCORPORATED BY REFERENCE
(1)   Portions of definitive Proxy Statement dated March 24, 1995, in           
connection  with the Annual Meeting of Shareholders to be held on May 5, 1995,  
are incorporated into Part III.                                                 

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Table of Contents for 1994 10-K                                                 
                                                        Page
PART I                                                                          
 Item 1. Business                                                           6-40
 Item 2. Properties                                                         6-40
 Item 3. Legal Proceedings                                                 40-41
Item 4. Submission of Matters to a Vote                                       
         of Security Holders                                                  41

PART II                                                                         
Item 5. Market for Registrant's Common Stock                                  
         and Related Stockholder Matters                                   41-44
 Item 6. Selected Financial Data                                           45-50
Item 7. Management's Discussion and Analysis                                  
of Financial Condition and Results of Operations        51-73 
 Item 8. Financial Statements and Supplementary Data                43-44,74-106
Item 9. Changes in and Disagreements with Accountants                         
         on Accounting and Financial Disclosure                              106

PART III                                                                        
Item 10. Directors and Executive Officers of the Registrant              106-113
Item 11. Executive Compensation                                              114
Item 12. Security Ownership of Certain Beneficial Owners and                    
         Management                                                          114
Item 13. Certain Relationships and Related Transactions                      114

PART IV                                                                         
Item 14. Exhibits, Financial Schedule and Reports                               
  on Form 8-K                                              115-117

SIGNATURES                                                               118-122

SCHEDULES                                                                123-125

EXHIBITS                                                                 126-162

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PART I                                                                          

ITEM 1 & 2:  Business/Properties                                                

                                                                [Download Table]
Business Segment Information                                                 
(In thousands)                                                               

                                          1994          1993        1992     
                                        ---------     ---------    --------- 
                                                                             
    OPERATING REVENUE                                                        
        Newspapers                     $2,134,922    $2,012,823   $1,944,090 
        Business Information Services     514,039       438,525      385,439 
                                        ---------     ---------    --------- 
                                       $2,648,961    $2,451,348   $2,329,529 
                                        =========     =========    ========= 

    OPERATING INCOME                                                         
        Newspapers                       $350,856      $298,767   $  290,522 
        Business Information Services      23,110        23,405       22,069 
        Corporate                         (42,705)      (37,315)     (34,080)
                                        ---------     ---------    --------- 
                                         $331,261      $284,857   $  278,511 
                                        =========     =========    ========= 

    IDENTIFIABLE ASSETS                                                      
        Newspapers                     $1,553,160    $1,578,935   $1,602,373 
        Business Information Services     589,147       548,266      466,456 
        Corporate                         304,882       304,231      389,230 
                                        ---------     ---------    --------- 
                                       $2,447,189    $2,431,432   $2,458,059 
                                        =========     =========    ========= 

    DEPRECIATION AND AMORTIZATION                                            
        Newspapers                        $94,927       $94,600   $   88,033 
        Business Information Services      52,714        45,525       38,556 
        Corporate                           1,686         1,633        1,632 
                                        ---------     ---------    --------- 
                                         $149,327      $141,758   $  128,221 
                                        =========     =========    ========= 
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    CAPITAL EXPENDITURES                                                     
        Newspapers                        $32,896       $27,971   $   74,213 
        Business Information Services      33,470        40,329       25,991 
        Corporate                             744         1,241          789 
                                        ---------     ---------    --------- 
                                          $67,110       $69,541   $  100,993 
                                        =========     =========    ========= 


----------------------------------------------------------------------------    

                                                                [Download Table]


Source Of Knight-Ridder Operating Revenue       1994   1993   1992
-----------------------------------------       ----   ----   ----

                                                                  
The Philadelphia Inquirer and                                     
    Philadelphia Daily News....................   17%    18%   18%
The Miami Herald...............................   12     13    12 
San Jose Mercury News..........................    9      9     9 
Detroit Free Press*............................    9      9     9 
The Charlotte Observer.........................    5      5     5 
Saint Paul Pioneer Press.......................    4      4     4 
Akron Beacon Journal...........................    3      3     3 
(Long Beach) Press Telegram....................    2      2     3 
The (Columbia) State...........................    2      2     3 
The Wichita Eagle..............................    2      2     3 
All other newspapers...........................   16     15    15 
Business Information Services..................   19     18    16 
                                                 ----   ----  ----
                                                 100%   100%  100%
                                                 ====   ====  ====

*Knight-Ridder portion of Detroit Newspapers                      

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Newspapers                                                                      

Knight-Ridder's Newspaper Division had 28 daily newspapers and three  
nondaily newspapers at the end of 1994. The Journal of Commerce, the            
company's 29th daily, is part of the Business Information Services Division.    
Newspaper operating revenue is derived primarily from the sale of     
newspaper advertising. Due to seasonal factors such as heavier retail selling   
during the winter and spring holiday seasons, advertising income fluctuates     
significantly throughout the year. Consecutive quarterly results are not        
uniform or comparable and are not indicative of the results over an entire      
year.                                                                           
Each of Knight-Ridder's newspapers is operated on a substantially     
autonomous basis by local management appointed by corporate headquarters in     
Miami. Each newspaper is free to manage its own news coverage, set its own      
editorial policies and establish most business practices. Basic business        
policies, however, are set by the corporate staff in Miami. Editorial           
services and quality control also are provided by the corporate staff.          
  Each newspaper is served by the company-owned news bureau in Washington,
D.C. A supplemental news service provided by KRT Information Services, a        
partnership between Knight-Ridder and Tribune Co., distributes editorial        
material produced by all Knight-Ridder newspapers and by 19 foreign             
correspondents. The service also distributes editorial computer graphics via    
the Knight-Ridder-owned PressLink electronic network and provides a deadline    
photo service to hundreds of newspapers around the world as a commercial        
venture.                                                                        
All of the company's newspapers compete for advertising and readers'  
time and attention with broadcast and cable television, radio, magazines,       
nondaily suburban newspapers, free shoppers, billboards and direct mail. In     
many cases, the newspapers also compete with other newspapers published in      
nearby cities and towns. With the exception of papers published in Detroit,     
Fort Wayne and St. Paul, company-owned newspapers are the only daily and        
Sunday papers of general circulation published in their communities.            
The newspapers rely on local sales operations for local retail and    
classified advertising. The larger papers are assisted by Newspapers First      
and by the Newspaper National Network, a sales force created by a group of      
some 50 major newspapers, in obtaining national or general advertising in       
such areas as travel, automobiles, cigarettes, pharmaceuticals and beer.        
The table on the preceding page presents the relative percentage      
contributions by individual papers to the company's overall operating revenue   
for the three years ended Dec. 25, 1994. The percentage contributions of each   
paper to operating revenue are not indicative of contributions to operating     
profit.                                                                         
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NEWSPRINT :  Newsprint is the primary raw material used in publishing 
newspapers, and in 1994, Knight-Ridder was one of the largest consumers in      
the United States. Approximately 12.3% of the company's total operating         
expenses during the year were for newsprint. Purchases are made under           
long-term agreements with a wide variety of newsprint producers.                
Knight-Ridder purchases approximately 70% of its annual consumption from        
United States mills, with the remainder purchased from Canada. In the opinion   
of management, sources are adequate to meet current demands.                    
Approximately 76% of the newsprint consumed by the company contained  
some recycled fiber; the average content was 47% recycled fiber.                
 A tightening market is anticipated for 1995 and the foreseeable future.
This tightened market will allow prices to increase dramatically for 1995.      
Knight-Ridder is a one-third partner with Cox Enterprises, Inc., and  
Media General, Inc., in Southeast Paper Manufacturing Co., a newsprint mill     
in Dublin, Ga. The mill's full capacity exceeds 445,000 metric tonnes of        
newsprint annually, using recycled newsprint as the principal raw material      
and coal as the primary energy source. Because of recycling considerations      
and as part of an agreement among the partners, Knight-Ridder purchased         
approximately 125,000 metric tonnes in 1994. The partnership commitment is to   
purchase a major share of any unsold surplus up to a maximum annual total of    
90,000 metric tonnes.                                                           
In addition, Knight-Ridder owns a 13.5% equity share of Ponderay      
Newsprint Company in Usk, Wash., which produces approximately 225,000 metric    
tonnes annually. Knight-Ridder purchases approximately 28,400 metric tonnes     
annually from Ponderay for its western newspapers.                              

PROPERTIES: The company has daily newspaper printing and publishing   
facilities in 26 cities located in 16 states. These production facilities       
vary in size from 7,300 square feet at The Florida Keys Keynoter operation in   
Marathon, Fla., to 2.0 million square feet in Philadelphia. In total, the       
company's newspaper facilities occupy about 8.6 million square feet.            
Approximately 1.6 million of the total square feet is leased from others.       
Virtually all the owned property is owned in fee. The company owns              
substantially all of its production equipment, although certain office          
equipment is leased. The company also owns land for future expansion in         
Columbus and Macon, Ga., Detroit and San Jose.                                  
  The company's properties are maintained in excellent operating condition
and are suitable for present and foreseeable publishing operations. During      
the three years ended Dec. 25, 1994, the company spent approximately $237.6     
million for capital additions and improvements to its existing properties.      
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TECHNOLOGY: Knight-Ridder moved ahead with a number of technology     
initiatives in an ongoing effort to improve the quality of products and         
services. The company made significant investments in replacing outdated        
publishing systems. A new editorial and ad production system was installed in   
Duluth. Long Beach completed installation of new editorial and classified       
systems, and is now in the process of implementing full pagination. State       
College began installation of new editorial and ad production systems, and      
Wichita received approval to purchase new editorial, classified, ad             
production and pagination systems.                                              
PressLink Explorer was launched in October, allowing users to rapidly 
browse, search and access downloaded material while working within another      
application, such as QuarkXPress.                                               
A multiyear effort to migrate all newspapers to state-of-the-art RISC 
(Reduced Instruction Set Computing) technology was completed. Programming was   
completed on a project to enhance Collier-Jackson's circulation software.       
Installation of the system, which provides more than 100 new features, will     
begin in 1995.                                                                  
Support for flexible employee benefits was completed and went live on 
the CYBORG Human Resources System Jan. 1, 1994. Conversion of local HR          
systems to CYBORG is expected to be completed in 1995.                          
 The Charlotte Observer press expansion project remains on schedule. Ink
and washwater systems have been installed and minor construction has begun.     
The two new presses are scheduled to be operational in the fourth quarter of    
1995 and the second quarter of 1996.                                            
The company made investments to upgrade press equipment in a number of
our newspaper operations. The Tallahassee Democrat and The (Milledgeville)      
Union-Recorder each added an additional press unit to their press line.         
Funding was approved to rebuild the commercial printing presses at the          
Bradenton Herald and The Union-Recorder.                                        
During 1994, formal quality audits were completed for all of our      
newspapers. Audits included review of standard procedures, calibration of       
equipment, printing press tests, recommendations and appropriate follow-up.     
Major improvements were made to the facilities of many of our         
newspapers, including newsroom renovations at The Miami Herald and the          
Post-Tribune in Gary. The San Jose Mercury News will undertake a building       
renovation project in 1995 to improve areas of the newsroom, advertising and    
circulation. Knight-Ridder Information, Inc., (formerly Dialog Information      
Services, Inc.) moved into a headquarters office facility in early 1995.        

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  GENERAL ADVERTISING SALES:  Knight-Ridder newspapers depend most heavily
on three agents for the sale of general advertising.                            
  Newspapers First is an advertising sales cooperative formed in 1990 with
the merger of Knight-Ridder Newspaper Sales and Times Mirror Million Markets.   
In 1994, Times Mirror withdrew from the arrangement, leaving Newspapers First   
the primary sales representative for the larger Knight-Ridder newspapers,       
Detroit Newspapers and several leading independents. Through Newspapers         
First, a customer can place an ad in a combination of papers owned by           
different companies, rather than dealing with each one separately.              
Newspaper National Network (NNN), Knight-Ridder's second general sales
agent, was established last year as a three-year experiment in focused          
national selling on behalf of the newspaper industry. It represents all the     
Knight-Ridder newspapers, plus over 500 others. Like Newspapers First, it       
makes the purchase of newspaper advertising a "one-stop shopping" prospect;     
the agent handles placement and billing. Through NNN, the industry hopes to     
rekindle interest among certain categories of general advertisers who have      
not been in newspapers in a significant way for years (i.e., pharmaceuticals,   
beverages). Currently, about $80 billion annually is spent in general           
measured media; newspapers get no more than 5% of that - and would like to do   
better.                                                                         
The primary difference between Newspapers First and NNN insofar as    
Knight-Ridder papers are concerned is the degree of attention: Newspapers       
First is focused on a relatively few papers and can provide each of them with   
considerable care. While it will go after the same new revenue as NNN, it       
will do whatever else benefits its members as well. NNN, by dint of its large   
membership, is necessarily spread more thinly - but is more closely focused     
on expanding the revenue base.                                                  
Knight-Ridder's third agent for general sales is Landon Associates,   
Inc., a private company that sells sales-representative services for medium     
to small markets. In addition to helping with general buys for our medium to    
small newspapers, Landon will help with regional retail.                        

The Miami Herald                                                                
The Miami Herald, the only metropolitan morning newspaper published in
Dade County, Fla., has the largest circulation of any daily newspaper in the    
southeastern United States. Circulated primarily in Dade County (Miami          
Metropolitan Statistical Area) and in adjacent Broward and Monroe counties,     
The Herald also has considerable circulation elsewhere in Florida.              
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In 1994, The Herald produced six daily and eight Sunday editions and  
seven zoned Neighbors editions and four zoned Hometown Herald editions twice    
weekly, and four local zoned news sections serving Dade, Broward, Palm Beach    
and Monroe counties. The Herald added five new customized, cable-specific TV    
books in Dade and Broward. The Herald's International edition was distributed   
daily in 30 cities throughout Latin America and the Caribbean.                  
El Nuevo Herald, The Herald's Spanish-language publication, marked its
seventh anniversary. Since its inception in 1987, El Nuevo Herald's             
circulation has grown to 100,973 daily and 126,057 Sunday. It is available on   
request for Herald home-delivery customers for a 10-cent daily delivery         
charge and in special racks in nearby counties.                                 
In 1994, South Florida's economy pushed ahead of national trends and  
grew slightly due to the lingering impact of Hurricane Andrew. Retail and       
classified revenue stayed ahead of last year's hurricane-recovery pace,         
fueled by national accounts, department stores, financial institutions and      
travel in retail; real estate in classified. Most categories continued to       
perform well. New retailers who opened or plan to open stores in South          
Florida include Incredible Universe, Dillard's and Best Buy. With advertiser    
input, The Herald began a zoned tabloid real estate section in May that         
increased linage by 37.5%. That same month, The Herald hired 16                 
commission-only sales associates. By year end, that group had generated $1.0    
million in new business.                                                        
The Herald continued its commitment to developing new, nontraditional 
revenue sources. Book titles included The 1994 Almanac of Florida Politics,     
Enchanted Ground and Crime Proof. The company also sponsored its second         
successful International Women's Show.                                          
  Population in Dade and Broward counties grew 2.9% from 1990 to 1993, the
latest year for which statistics are available. The area's population is        
expected to grow 42.2% between 1993 and 2015, compared with the U.S. average    
of 22.9%.                                                                       
Daily circulation declined by 6,008, or 1.5%, and Sunday circulation  
decreased 8,193, or 1.6%, compared with the previous year. In Dade County,      
The Herald's daily circulation household penetration rate in 1994 was 36%;      
Sunday circulation penetration was 47%. Daily coverage of Broward households    
was 18%; Sunday coverage was 22%. Home-delivered papers accounted for 73% of    
total daily circulation and 64% of total Sunday circulation.                    
Cox Newspapers and The Miami Herald Publishing Co. are parties to a   
joint operating agreement that runs until the year 2021, covering the           
publication of The Herald and The Miami News, which ceased publication Dec.     
31, 1988.                                                                       
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  This table presents average audited circulation for The Miami Herald and
El Nuevo Herald for the years ended June 26, 1994, 1993 and 1992. Advertising   
linage, preprints inserted and revenue amounts are for the fiscal years.        
Largest contributor                                                             
to Knight-Ridder profits.                                                       
1994 revenue - $317.0 million                                                   
1993 revenue - $306.9 million                                                   
Metro Market* - 9th-largest in U.S.                                             
Population* - 3.3 million                                                       
Penetration:*                                                                   
Daily 27.9% - Sunday 35.9%                                                      
*(Miami-Fort Lauderdale)                                                        

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                                                                [Download Table]
The Miami Herald                                                                 

                                                    1994        1993       1992  
                                                   -------     -------    -------
                                                                                 
Average Circulation                                                              
  Daily........................................    395,725     401,733    405,779
  Sunday.......................................    518,038     526,231    527,658
Average Linage (In 000s of six-column inches)                                    
  ROP Full-Run                                                                   
   Retail......................................    1,101.0     1,100.7    1,022.6
   General.....................................      245.5       225.4      257.7
   Classified..................................    1,016.0       999.7      914.1
                                                   -------     -------    -------
    Total......................................    2,362.5     2,325.8    2,194.4
                                                   =======     =======    =======
  ROP Factored                                                                   
   Part-Run....................................      644.8       675.3      566.4
   Preprints- Full-Run.........................      650.4       667.7      669.7
              Part-Run.........................    1,622.9     1,265.3      987.6
Total Preprints Inserted (In 000s).............    595,671     571,914    520,200
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Advertising Revenue (In 000s)                                                    
  Retail....................................... $  116,461  $  112,878 $  110,665
  General......................................     42,622      38,911     43,154
  Classified...................................    100,354      97,483     85,618
                                                   -------     -------    -------
  Total........................................ $  259,437  $  249,272 $  239,437
                                                   =======     =======    =======
Circulation Revenue (In 000s).................. $   48,467  $   48,603 $   48,473
                                                   =======     =======    =======

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San Jose Mercury News                                                           

  The San Jose Mercury News, located in California's seventh-largest metro
area, reaches a much larger community than the businesses and homes of the      
Silicon Valley. Under the guidance of new publisher Jay Harris, the Mercury     
News continues to break new ground in information technology, marketing and     
journalistic excellence.                                                        
 Mercury Center, which carries the newspaper's full editorial content to
subscribers through an online computer service, in 1994 developed a World       
Wide Web site on the Internet and introduced a low-cost personalized            
electronic clipping service. The World Wide Web makes Mercury Center            
accessible to any computer user on the Internet, even if the user is not a      
member of a commercial online service - tremendously increasing the number of   
potential users. NewsHound, an online clipping service, uses a profile of       
keywords entered by a subscriber to search thousands of articles from the       
Mercury News and wire services. Stories that match the profile are retrieved    
as electronic mail.                                                             
Melding technology with community service and event marketing, the    
Mercury News launched the Electronic Learning Fair (ELF) in December. ELF       
provided a hands-on glimpse of how technology can enhance education.            
Attracting such well-known corporate sponsors as Microsoft, Intel and Apple,    
ELF drew thousands to view equipment and software demonstrated by students      
whose schools shared in the event proceeds.                                     
In October, the Mercury News became the first U.S. newspaper to open a
bureau in post-war Vietnam. Correspondent Kristin Huckshorn reports news from   
the homeland of some 90,000 Vietnamese-Americans living in the San Jose area.   
Huckshorn joins Pulitzer-winner Lew Simons in Tokyo and Esther Schrader in      
Mexico City in covering areas of vital interest to the multicultural Bay Area   
population and to the international businesses of the Pacific Rim.              
Another initiative in 1994 involved a team approach to developing and 
launching new revenue-generating products. The Mercury News Revenue Team        
researched success stories at newspapers across the country, then distilled     
the results into an eight-point plan. The revenue growth will more than         
offset the substantial increase in newsprint costs in 1995 and lead to          
continued positive financial performance in San Jose, where circulation and     
advertising showed solid growth throughout the year.                            
The population of the San Jose Metropolitan Statistical Area (MSA),   
which includes only Santa Clara County, is expected to grow 33.5% between       
1993 and 2015, compared with the U.S. average of 22.9%.                         
Daily circulation increased by 6,096, or 2.2%, and Sunday circulation 
increased 5,971, or 1.8%, compared with 1993.                                   
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 The following table presents average unaudited circulation for the year
ended Sept. 30, 1994, and average audited circulation for San Jose for the      
two years ended Sept. 30, 1993, and 1992. Advertising linage, preprints         
inserted and revenue amounts are for the fiscal years.                          
Second-largest contributor                                                      
to Knight-Ridder profits.                                                       
1994 revenue - $230.1 million                                                   
1993 revenue - $212.9 million                                                   
Metro Market - 31st-largest in U.S.                                             
Population - 1.6 million                                                        
Penetration (MSA):                                                              
Daily 44.2% - Sunday 52.9%                                                      

                                                        [Enlarge/Download Table]
San Jose Mercury News                                                                      

                                                           1994          1993        1992  
                                                        ---------     ---------   ---------
                                                                                           
Average Circulation                                                                        
    Daily.............................................    284,414 *     278,318     269,286
    Sunday............................................    345,494 *     339,523     332,080
Average Linage (In 000s of six-column inches)                                              
    ROP Full-Run                                                                           
         Retail.......................................    1,178.7       1,144.3     1,183.0
         General......................................      263.6         252.1       255.5
         Classified...................................    1,368.4       1,315.3     1,299.1
                                                        ---------     ---------   ---------
             Total....................................    2,810.7       2,711.7     2,737.6
                                                        =========     =========   =========
    ROP Factored                                                                           
         Part-Run.....................................       44.8          50.9        49.3
         Preprints - Full-Run.........................    1,528.5       1,561.8     1,664.8
                     Part-Run.........................      833.0         602.2     1,583.8
Total Preprints Inserted (In 000s)....................    431,493       434,877     471,794
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Advertising Revenue (In 000s)                                                              
    Retail............................................ $   72,816    $   70,490  $   73,047
    General...........................................     22,286        21,406      20,622
    Classified........................................     98,950        88,083      82,556
                                                        ---------     ---------   ---------
         Total........................................ $  194,052    $  179,979  $  176,225
                                                        =========     =========   =========
Circulation Revenue (In 000s)......................... $   32,851    $   30,502  $   29,566
                                                        =========     =========   =========
*unaudited                                                                                 

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The Philadelphia Inquirer and Philadelphia Daily News                           

Philadelphia Newspapers, Inc., publisher of The Philadelphia Inquirer 
and Philadelphia Daily News, strengthened its core business with reader- and    
advertiser-related improvements to both newspapers, while also pursuing new     
media opportunities.                                                            
The Inquirer introduced a new Sports Final street-sales edition with  
later sports scores, more prominent Page One headlines and more photographs.    
The new edition, aimed at single-copy purchasers throughout the city,           
followed the successful introduction of a second daily zoned section for        
suburban readers in the Main Line/Delaware County area.                         
The new Sports Final, tighter zoning, enhanced sectioning capabilities
and improved use of color are improvements for customers made possible by       
Philadelphia's new printing plant.                                              
The Inquirer introduced a Health and Science section that features an 
expanded Kids Talk column answering science questions from young readers.       
Readers can communicate directly with the newspaper by e-mail.                  
 The Inquirer also introduced a new 30-minute weekly television program,
The Inquirer High School Sportshow, on WPHL-TV. The program features coverage   
of more than 300 regional high school sports teams. WPHL-TV is the same         
station on which KR Video's new nightly Inquirer News Tonight is broadcast.     
The Philadelphia Daily News, a tabloid noted for its clever headlines,
strong sports, local news and entertainment coverage, and for its attractive    
use of color, continued to show strength as a principally single-copy-sales     
newspaper. The Daily News reaches young people in their own language with the   
weekly Fresh Ink section, which has strong youth involvement in the content.    
In 1994, the newspaper added a monthly, free-standing, advertising-supported    
70,000-copy edition of Fresh Ink for free distribution in malls and other       
locations.                                                                      
Car shoppers can now reach the classifieds by calling AutoLine and    
specifying the year, make and model, and color of the used car they're          
seeking. Response can be delivered by telephone, fax or e-mail.                 
To ensure that The Inquirer and Daily News become full participants in
the multimedia future, a group of PNI managers worked to develop a strategy     
for involvement in online services and other electronic information services.   
PNI entered the show marketing business in 1994 as part of its        
augmentation strategy with a highly successful International Women's Show       
presented in the new Pennsylvania Convention Center. Attendance far exceeded    
expectations, and vendors requested a 1995 show. A first-time home decor show   
also was  successful and will be repeated in 1995.                              
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The Inquirer's daily circulation was down 16,137, or 3.2%, from 1993. 
Sunday circulation was down 19,441, or 2.0%, from 1993, according to            
unaudited ABC reports. Daily News circulation was up 3,673, or 1.9%, from       
1993.                                                                           
The following table presents the average unaudited circulation for The
Philadelphia Inquirer and Philadelphia Daily News for the year ended March      
31, 1994, and average audited circulation for the years ended March 31, 1993,   
and 1992. Advertising linage, preprints inserted and revenue amounts are for    
the fiscal years.                                                               

Third-largest contributor                                                       
to Knight-Ridder profits.                                                       
1994 revenue - $455.5 million                                                   
1993 revenue - $431.5 million                                                   
Metro Market - 4th-largest in U.S.                                              
Population - 5.0 million                                                        
Penetration (MSA):                                                              
Inquirer 24.6%  Daily News 10.3%                                                
Sunday 47.2%                                                                    
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                                                        [Enlarge/Download Table]

The Philadelphia Inquirer and Philadelphia Daily News                                                                        

                                                     1994                         1993                         1992          
                                         ---------------------------- ---------------------------- --------------------------
                                         Inquirer          Daily News Inquirer          Daily News Inquirer        Daily News
                                         ---------         ---------- ---------         ---------- --------        ----------
                                                                                                                             
Average Circulation                                                                                                          
    Daily...............................  486,291 *          198,809 * 502,428            195,136   502,136          196,715 
    Sunday..............................  945,491 *                    964,932                      976,223                  
Average Linage (In 000s of six-column                                                                                        
                inches)                                                                                                      
    ROP Full-Run                                                                                                             
         Retail.........................  1,055.1              338.3   1,056.0              368.3   1,029.8            348.4 
         General........................    227.2               67.7     203.9               44.5     210.2             46.1 
         Classified.....................    827.3              325.6     760.7              311.4     788.8            315.9 
                                         ---------         ---------- ---------         ---------- ---------      ---------- 
             Total......................  2,109.6              731.6   2,020.6              724.2   2,028.8            710.4 
                                         =========         ========== =========         ========== =========      ========== 
    ROP Factored                                                                                                             
         Part-Run.......................     91.8                         93.1                         79.0                  
         Preprints - Full-Run...........    324.3                6.5     287.1               41.0     327.1             59.3 
                     Part-Run...........  2,001.8               58.0   1,932.7               51.0   1,630.2            111.2 

                                                  Combined                     Combined                     Combined         
                                                  --------                     --------                     --------         
Total Preprints Inserted (In 000s)......           762,601                      752,429                      787,440         
Advertising Revenue (In 000s)                                                                                                
    Retail..............................          $152,096                     $148,082                     $145,485         
    General.............................            56,660                       49,119                       50,845         
    Classified..........................           113,885                      101,284                       98,687         
                                                   -------                      -------                      -------         
             Total......................          $322,641                     $298,485                     $295,017         
                                                   =======                      =======                      =======         
Circulation Revenue (In 000s)...........          $128,238                     $128,801                     $126,738         
                                                   =======                      =======                      =======         

* unaudited                        -20-                                                                                      

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The Charlotte Observer                                                          

The Charlotte Observer, the only daily newspaper published in         
Mecklenburg County, has the largest circulation of any daily in North and       
South Carolina. Its primary market is a 15-county region in North and South     
Carolina. It also distributes in major metropolitan and vacation areas across   
the Carolinas.                                                                  
In 1994, The Observer produced four daily and Sunday editions. It also
published four zoned Mecklenburg Neighbors sections twice weekly; two zoned     
daily and Sunday sections; two twice-weekly zoned sections; and two             
thrice-weekly sections.                                                         
  Charlotte expects to continue the healthy growth it experienced in 1994.
Employment growth in the first eight months of 1994 was 2.5% over the           
comparable period in 1993. Unemployment was below national and state            
averages. Retail sales in Mecklenburg County were up 9.4% through June 1994,    
the latest date for which figures were available. Retail sales in key           
regional counties also showed healthy growth.                                   
The success of the NBA Charlotte Hornets and the awarding of the NFL  
Carolina Panthers franchise (which begins play in 1995) have brought            
increased national attention. Diversified economic development is expected to   
continue at a strong pace through 1995 with several more large-scale new        
companies arriving. In 1994, Sealand, Transamerica Insurance and General Tire   
announced plans to relocate corporate offices to Charlotte.                     
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The Observer published two weekly tabloids - Break Magazine, aimed at 
the entertainment market, and Employment Weekly. Four monthly publications -    
Lake Norman Magazine, University City Magazine, Realtor Reflections Magazine    
and Community Pride Magazine - target specific audiences. Foothills Magazine    
publishes 15 issues per year. In 1995, The Observer will introduce The          
Insider's Guide to the North Carolina Mountains.                                
The Observer's alternate delivery operation, KPCDelivery, provides    
targeted delivery of retail advertising and samples across Mecklenburg          
County. Its commercial research business, KPC Research, provides market         
research services. KPC Photography provides a wide range of commercial          
photography services. Observer Transportation Co., a subsidiary, is a common    
carrier trucking firm that delivers The Observer across the Carolinas and       
provides general commodity service to much of the Southeast.                    
  In 1994, The Observer began a $35.0 million press conversion to expand
its color capacity and convert to 100% Flexographic printing.                   
Population in the Charlotte Metropolitan Statistical Area (MSA) grew  
6.2% from 1990 to 1993. The area's population is expected to grow 33.7%         
between 1993 and 2015, compared with the U.S. average of 22.9%.                 
Daily circulation increased by 2,566, or 1.1%, and Sunday circulation 
increased 3,719, or 1.2%, compared with the previous year. Home-delivered       
newspapers accounted for 86.2% of total daily circulation and 74.9% of total    
Sunday circulation.                                                             
This table presents average audited circulation for The Charlotte     
Observer for the years ended March 27, 1994, 1993 and 1992. Advertising         
linage, preprints inserted and revenue amounts are for the fiscal years.        

Fourth-largest contributor to Knight-Ridder profits.                            
1994 revenue - $132.2 million                                                   
1993 revenue - $121.5 million                                                   
Metro Market - 43rd-largest in U.S.                                             
Population - 1.3 million                                                        
Penetration (MSA):                                                              
Daily 36.9%  Sunday 45.2%                                                       
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                                                        [Enlarge/Download Table]

The Charlotte Observer                                                                   


                                                           1994        1993        1992  
                                                        ---------   ---------   ---------
                                                                                         
Average Circulation                                                                      
    Daily.............................................    234,860     232,294     231,722
    Sunday............................................    302,595     298,876     297,548
Average Linage (In 000s of six-column inches)                                            
    ROP Full-Run                                                                         
         Retail.......................................      790.1       770.1       791.2
         General......................................       82.3        66.4        64.8
         Classified...................................      665.8       616.1       606.5
                                                        ---------   ---------   ---------
             Total....................................    1,538.2     1,452.6     1,462.5
                                                        =========   =========   =========

    ROP Factored                                                                         
         Part-Run.....................................      223.2       230.2       225.3
         Preprints - Full-Run.........................      223.6       210.9       217.0
                     Part-Run.........................      692.7       754.7       707.1
Total Preprints Inserted (In 000s)....................    261,052     247,702     221,791
Advertising Revenue (In 000s)                                                            
    Retail............................................ $   51,295  $   48,585  $   47,663
    General...........................................      8,316       6,948       6,643
    Classified........................................     43,539      38,125      35,920
                                                        ---------   ---------   ---------
         Total........................................ $  103,150  $   93,658  $   90,226
                                                        =========   =========   =========
Circulation Revenue (In 000s)......................... $   24,611  $   24,084  $   23,661
                                                        =========   =========   =========

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Detroit Free Press                                                              

The Detroit Free Press in 1994 continued its long tradition of serving
readers across Michigan through public service journalism, youth literacy and   
high-tech presentations of information.                                         
An extraordinary six-part series, Our Values, Our Lives, set the tone 
for the year. Thousands of readers called and wrote to share their views.       
Children First continued its 2-year-old campaign to focus attention on          
children's needs.                                                               
Free Press Plus, a phone, fax and computer medium for reaching the    
newspaper, attracted more than 10,000 members to its area on CompuServe.        
Users can subscribe to the paper, write letters to the editor, read articles    
and view photographs. Free Press Plus has begun combining video clips with      
text and graphics to create downloadable multimedia documents.                  
In July, Detroit Newspapers began side-by-side production and         
distribution of the outstate and single-copy editions of the Detroit Free       
Press and The Detroit News. Home delivery of The News is restricted to the      
afternoon edition. The side-by-side plan has produced significant operational   
savings, primarily in transportation costs. Since the change, The News has      
recorded slight gains in the outlying state area.                               
Single-copy price for the Free Press in the six-county Metropolitan   
Statistical Area (MSA) remained at 35 cents daily; daily home delivery prices   
remained at 25 cents. Sunday single-copy prices and home delivery prices for    
weekend-only subscribers increased from $1.25 to $1.50 in March 1994.           
The Detroit Free Press is the largest newspaper in Michigan. More than
78% of its daily circulation is in the six-county Detroit metro area, which     
contains 45.4% of the state's population.                                       
 On Nov. 27, 1989, business operations of the Free Press and The Detroit
News, owned by Gannett Co., were transferred to the Detroit Newspaper Agency    
(DNA), now called Detroit Newspapers - a partnership owned equally by the       
Detroit Free Press and The Detroit News under the terms of a joint operating    
agreement (JOA) between Knight-Ridder and Gannett. Under the agreement, the     
Free Press publishes in the morning, Monday through Friday. The News,           
formerly an all-day paper, publishes on an afternoon cycle. On weekends, the    
newspapers publish combined morning editions under the name The Detroit News    
and Free Press. On Saturdays, the Free Press provides news, sports and          
business and The News provides features. On Sundays, those roles reverse.       
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  Knight-Ridder received 45% of any profit of the agency through the first
three years, with Gannett receiving 55%. In the fourth year, Knight-Ridder      
received 47% of the DNA profit and, beginning Dec. 27, 1993, received 49%. As   
of Dec. 26, 1994, profits are split equally through the end of the 100-year     
JOA.                                                                            
 Average audited circulation of just under 1.2 million ranked the Sunday
Detroit News and Free Press third in the nation. Free Press daily circulation   
decreased by 23,756, or 4.1%, while Detroit News daily circulation declined     
31,901, or 8.1%. Sunday circulation decreased 10,247, or 0.9%, compared with    
the previous year.                                                              
The following table shows average audited circulation for the years   
ended March 31, 1994, 1993 and 1992. Advertising linage, preprints inserted     
and revenue amounts are for the fiscal years.                                   

Fifth-largest contributor                                                       
to Knight-Ridder profits.*                                                      
1994 revenue* - $228.7 million                                                  
1993 revenue* - $214.3 million                                                  
Metro Market - 6th-largest in U.S.                                              
Population - 4.3 million                                                        
Penetration (MSA):                                                              
Free Press 27.2%                                                                
Detroit News 20.0%                                                              
Sunday 59.9%                                                                    
*(Knight-Ridder portion of the                                                  
Detroit Newspaper Agency).                                                  
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                                                        [Enlarge/Download Table]
Detroit Free Press                                                                                   

                                                    1994          1993           1992                
                                                  --------       --------      --------              

                                                                                                     
Average Circulation                                                                                  
    Morning (Detroit Free Press)..............     552,603        576,359       592,502              
    Evening (The Detroit News) ...............     359,867        391,768       434,181              
Combined editions                                                                                    
    Saturday..................................     859,893        869,613       897,762              
    Sunday....................................   1,170,258      1,180,505     1,195,497              
Average Linage* (In 000s of six-column inches)                                                       
    ROP Full-Run                                                                                     
         Retail...............................       601.5          623.3         596.1              
         General..............................        89.6           79.4          88.2              
         Classified...........................       500.7          420.0         407.4              
                                                  --------       --------      --------              
             Total............................     1,191.8        1,122.7       1,091.7              
                                                  ========       ========      ========              

ROP Factored                                                                                         
    Part-Run..................................        90.3           73.0          62.6              
    Preprints -  Full-Run.....................       401.4          347.8         280.4              
                 Part-Run.....................       555.0          522.2         496.0              
Total Preprints Inserted* (In 000s)...........     500,098        495,338       448,665              
Advertising Revenue* (In 000s)                                                                       
    Retail....................................  $   94,973   $     93,241   $    87,458              
    General...................................      19,472         18,897        20,568              
    Classified................................      54,694         45,181        41,174              
                                                  --------       --------      --------              
             Total............................  $  169,139   $    157,319   $   149,200              
                                                  ========       ========      ========              
Circulation Revenue* (In 000s)................  $   57,782   $     55,694   $    53,626              
                                                  ========       ========      ========              

*Under the joint operating agreement, Knight-Ridder reports 50 percent of total linage,              
 preprints inserted and revenue for Free Press and Detroit News advertising , which is handled by the
 Detroit News Agency.                                                                                

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The Newspapers                                                                  
   The following table presents for each of the daily newspapers the average
daily and Sunday circulation for the 1994 audit year, the advertising linage    
and household coverage through Dec. 25, 1994, and the percentage                
population growth for each area from 1990 through 1993.                         

                                                        [Enlarge/Download Table]


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                                                                       Advertising Volume                                      
                                                               ----------------------------------                              
                                                                 (in 000s of Six-Column Inches)                                
                                                               ----------------------------------                              
                                                                          Run-of-Press                                         
                                                               ----------------------------------                  1990 to     
                                        Circulation*                    Full-Run                       Daily ABC     1993      
                                    --------------------       --------------------------              City Zone   % Change    
                                                                                          Factored     Household   in Popu-    
Publication                          Daily        Sunday       Retail  General Classified Part-Run      Coverage    lation     
------------------------            --------     --------      ------  ------   --------  --------      --------   --------    
                                                                                                                               
Aberdeen American News-AM             18,501       20,142       293.1     7.9      151.6    17.6            76.6%      (0.4)(a)
Akron Beacon Journal-AM              157,824      225,569       572.8    50.9      740.7    30.7            57.7%       2.5    
Biloxi Sun Herald-AM                  49,209 #     53,623 #     491.9    19.4      402.9     4.8            52.7%       4.7    
Boca Raton News-AM                    22,332       26,299 (b)   573.0    84.2      444.1     0.0            28.4%       6.4(a) 
-----------------------------------------------------------------------------------------------------------------------------  
Boulder Daily Camera-AM               34,812 #     43,316 #     604.4    28.1      582.5    13.9            54.0%       9.6    
Bradenton Herald-AM                   43,195 #     55,150 #     520.4     9.7      398.9     1.8            42.8%       4.7    
Charlotte Observer-AM                234,860      302,595       790.1    82.3      665.8   223.2            57.0%       6.2    
Columbia State-AM                    134,103      169,365       650.1    51.0      549.5    15.5            53.8%       3.4    
-----------------------------------------------------------------------------------------------------------------------------  
Columbus Ledger-Enquirer-AM           52,838       67,014       398.6    15.9      351.4    17.4            46.9%       4.9    
Detroit Free Press-AM                552,603    1,170,258       601.5    89.6      500.7    90.3            24.6%       1.0    
Duluth News-Tribune-AM                55,965       83,682       335.0    13.5      362.8    33.2            62.0%      (0.1)   
Fort Wayne News-Sentinel-PM (c)       53,098 #                  828.3    33.9      728.0    71.0            36.7%       3.4    
-----------------------------------------------------------------------------------------------------------------------------  
Gary Post-Tribune-AM                  72,490       83,088       487.3    14.3      499.1   107.6            45.4%       2.9(a) 
Grand Forks Herald-AM                 39,697       40,785       299.3    12.1      241.9     4.0            68.4%       0.1(a) 
Lexington Herald-Leader-AM           121,463 #    165,535 #     582.3    14.8      378.8    25.1            54.0%       5.3    
Long Beach Press-Telegram-AD         123,474      139,852       503.2    79.9      511.9   143.4            32.8%       3.0(a) 
-----------------------------------------------------------------------------------------------------------------------------  
Macon Telegraph-AM                    75,447      104,713       389.7    20.0      292.4    32.8            54.2%       3.6    
Miami Herald-AM                      395,725      518,038     1,101.0   245.5    1,016.0   644.8            36.1%       2.9(a) 
Milledgeville Union-Recorder-AM        8,480 (b)                132.9     7.6       66.5    48.9            56.0%       2.5(a) 
Myrtle Beach Sun News-AM              39,334 #     48,354 #     560.9    13.5      527.0    15.4            69.8%       9.4(a) 
-----------------------------------------------------------------------------------------------------------------------------  
Philadelphia Inquirer-AM             486,291 #    945,491 #   1,055.1   227.2      827.3    91.8            26.7%       1.2    
Philadelphia Daily News-PM           198,809 #                  338.3    67.7      325.6     0.0            22.8%       1.2    
Saint Paul Pioneer Press-AM          212,648      276,941       610.4    67.2      509.4    12.1            41.8%       5.2(a) 
San Jose Mercury News-AD             284,414 #    345,494 #   1,178.7   263.6    1,368.4    44.8            44.2%       3.2    
-----------------------------------------------------------------------------------------------------------------------------  
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State College Centre Daily Times-AM   25,712 #     34,358 #     434.7     6.2      288.1    13.9            50.2%       2.8    
Tallahassee Democrat-AM               58,230       80,258       703.2    18.0      594.4    49.8            54.1%       6.1    
Wichita Eagle-AM                     113,609 #    189,196 #     466.7    22.3      485.4    76.0            48.3%       3.7    
-----------------------------------------------------------------------------------------------------------------------------  
                                                                                                     U.S.A. Average = +3.5%    
*On the average, 71.8% of daily circulation and 67.3% of Sunday circulation was home-delivered in 1994.                        
 # Subject to audit.                                                                                                           

 (a) Company definition of newspaper market because this community is not a separate Metropolitan Statistical Area.            
 (b) Company circulation data.                                                                                                 
 (c) In addition to the circulation of the News-Sentinel, the JOA partner (The Journal-Gazette) had circulation                
     of 62,598 daily and 136,572 Sunday. Linage statistics include both newspapers.                                            


BUSINESS INFORMATION SERVICES                                                   

 Knight-Ridder Business Information Services (BIS) produces, distributes
and facilitates the use of finance, general business, science, technology,      
transportation and other information by global business and professional        
users. BIS represented 19.4% of total Knight-Ridder operating revenue in        
1994. Since its 1983 inception, it has been the fastest-growing Knight-Ridder   
division. BIS revenue has grown at a compound annual rate of 22.6% over the     
past 10 years on the strength of acquisitions, new product development and      
global market expansion.                                                        
During 1994, BIS consisted of four operations: Knight-Ridder          
Information, Inc. (formerly Dialog Information Services, Inc.), Knight-Ridder   
Financial, Journal of Commerce and Technimetrics.                               

  Knight-Ridder Information, Inc. -  KRII is the leading online source for
global business and professional information, serving subscribers in more       
than 100 countries.                                                             
Principal KRII products are the DIALOG, Data-Star and Infomart DIALOG 
online services, the KRII OnDisc CD-ROM product series and SourceOne, a         
fax-based document delivery service. DIALOG provides online and on-site         
library services to the U.S. and Latin American newspaper industry.             
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The DIALOG online service and on-site products provide access to over 
490 online databases and 70 CD-ROM products, including abstracts and the full   
text of leading publications covering science and technology, general           
business (products and markets, people, company fundamentals), legal issues     
and news. In addition, users can retrieve patent and chemical substructure      
information from the DIALOG online service. The Data-Star online service        
provides access to more than 300 medical, business, pharmaceutical and          
European directory databases.                                                   
KRII subscribers are business and professional information specialists
and end-users interested in scientific research, competitive intelligence,      
technology, industry and market developments and general business and           
financial information. Subscribers for these services include business          
executives, research chemists, engineers, lawyers, doctors and educators.       
During 1994, KRII added 60 new databases to the DIALOG and Data-Star  
online services, increasing the amount of information available by 40%. KRII    
currently provides access to more than three terabytes (the equivalent of       
more than 700 million typed pages) of information from thousands of             
publications in addition to two terabytes of document image data in optical     
storage. The databases include information from other Knight-Ridder             
companies, including Knight-Ridder Financial (MoneyCenter), the Journal of      
Commerce (PIERS) and 12 Knight-Ridder newspapers. DIALOG published 17 new       
CD-ROM titles during 1994.                                                      
Several companies compete with KRII, including Reed-Elsevier's        
Lexis/Nexis and Scientific and Technical Information Network (STN), offered     
by the American Chemical Society.                                               

  Knight-Ridder Financial - KRF provides real-time and historical news and
price information to the global financial community. In addition, KRF           
delivers print and CD-ROM-based historical price information and market         
commentary to more than 15,000 subscribers in 100 countries.                    
KRF offers real-time and historical access to market-moving news, cash
market and exchange prices, expert third-party market analyses and technical    
analysis features developed by KRF and others. Subscribers to KRF information   
include traders, brokers and analysts in leading financial institutions,        
agricultural companies and industry throughout the world. KRF customers have    
access to real-time and historic price and other pertinent information for      
more than 87,000 financial instruments.                                         
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KRF provides information products to subscribers on the following     
platforms:                                                                      
* Digital Datafeed and Digital Page Server provide full access to KRF           
information on systems currently in use at most leading financial               
institutions around the world.                                                  
* MoneyCenter for Windows (Trademark) delivers KRF information and              
functionality on industry-standard Local Area Networks (LANs) and offers        
real-time links to electronic spreadsheets and graphics software.               
* MoneyCenter for UNIX (MCU) provides a UNIX-based information delivery         
platform and charting tool on customer-owned LANs with Motif or Open Look       
graphical user interfaces. MCU subscribers can configure client workstations    
to operate as a single system or to operate on a LAN driven by a server or      
another client workstation. In addition to fixed-format pages, there is a       
scrolling ticker, more advanced expressions and several new chart study         
types.                                                                          
* TradeCenter II and ProfitCenter provide sophisticated technical analysis      
tools for real-time decision support, including  flexible software to view      
and analyze time series information ranging from trade-to-trade to over 20      
years of historical data. TradeCenter II operates in the UNIX environment.      
* CommodityCenter addresses the need of the U.S.-based commodities markets      
for advanced, low-priced products. The CommodityCenter platform allows KRF to   
deliver real-time exchange and market price information, real-time news and     
weather data to the agricultural commodities customer.                          
* Equinet provides access to real-time and historic Australian and New          
Zealand equities and option price information and related analytic features.    
Equinet operates in a Windows (Trademark) environment and is interactive.       
KRF also operates the world's largest print chart and market analysis 
information service, with principal products of Commodity Perspective and       
Commodity Research Bureau (CRB). KRF also publishes KR-CRB Infotech, a CD-ROM   
product that offers access to more than 50 years of KR-CRB market commentary    
and price information.                                                          
 KRF competes with a number of financial information services, including
Bloomberg, Dow Jones/Telerate and Reuters.                                      

 Journal of Commerce - JoC provides print and electronic products geared
to businesses involved in international trade and transportation. The           
168-year-old daily Journal of Commerce has a circulation of 20,900. The JoC     
also publishes a monthly International Edition delivered to more than 14,000    
subscribers on a controlled basis. In addition, it produces news and places     
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advertising in special monthly editions that appear in leading Chinese and      
Latin American newspapers. The Journal of Commerce also publishes Traffic       
World, Florida Shipper and Gulf Shipper, three leading transportation weekly    
magazines.                                                                      
  JoC offers a series of electronic products, including Port Import/Export
Reporting Service (PIERS), Rapid Access Tariff Expediting Service (RATES),      
Shiprate and Traderate. PIERS provides access to a comprehensive database       
containing information on all maritime-borne products entering or leaving       
United States and leading Latin American ports. RATES provides access to        
steamship tariff information in page format. Shiprate and Traderate allow       
steamship companies to maintain and access tariff databases in page or          
FMC-ATFI formats, respectively. In addition, JoC provides technology            
consulting services to the transportation and logistics industries.  In         
early 1995, Knight-Ridder reached an agreement in principle to sell the         
Journal of Commerce.  The sale is expected to be completed in April 1995.       

Technimetrics - This diversified information services company                   
specializes in the creation of global financial databases.                      
  Technimetrics' research revolves around four core proprietary databases:
* Institutional Investors Database provides detailed information on worldwide   
equity and fixed income influentials (portfolio managers, securities            
analysts, research directors), focusing on their industry specialization,       
individual investment style and geographic area of expertise.                   
* Shareholder Database tracks the securities holdings of financial              
institutions around the world using highly accurate disclosure information      
gathered from public company proxies, 13(f), 13(d), and 13(g) SEC filings,      
global mutual fund portfolios and overseas stock exchanges.                     
* Stockholder Database provides information on over 65,000 registered           
stockbrokers and branch managers at the leading brokerage firms in North        
America.                                                                        
* Finex Database of Business Decision-Makers identifies nearly 300,000          
executives in more than 50,000 global organizations, both public and private,   
by functional responsibility.                                                   
Technimetrics' information is used by investor relations and marketing
professionals in America's leading corporations for communications programs,    
audience targeting and direct marketing. It also is used by brokerage firms     
for research distribution to buy-side institutions and account management.      
Data are provided on hard copy, tape or diskette; Anamate, a proprietary        
software product; and, through Share/World, an online service available         
through third-party vendors.                                                    
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During 1994, Technimetrics expanded its sales efforts, adding Latin   
American investor relations and brokerage clients. A new Tokyo office           
officially opened in December. Technimetrics also enhanced its financial        
database products with global mutual fund information and introduced a          
Macintosh version of its industry-preferred investor relations software         
product.                                                                        
Technimetrics responds to customized requests for precise and         
hard-to-obtain information, offering breadth of information and an              
exceptionally high degree of accuracy.                                          

PROPERTIES: BIS maintains production, news and sales facilities       
throughout the world. Of the 642,600 square feet of office and production       
capacity currently utilized, approximately 85% is leased under operating        
leases that expire between 1995 and 2007. During the three years ended Dec.     
25, 1994, BIS spent approximately $100 million for capital additions and        
improvements to its existing properties.                                        

TECHNOLOGY: BIS operations utilize industry standard data processing  
and communications equipment. BIS uses internal staff resources to develop      
data storage, access and display applications, but operates with a              
preference for open-architecture systems, which facilitate the broadest         
possible use of BIS information.                                                
During 1994, BIS enhanced products by expanding data offerings and    
improving subscriber access and analysis. Some of these enhancements are:       

  Knight-Ridder Information, Inc.:  KRII now offers an impressive array of
delivery methods, including the Internet, fax, a variety of e-mail options      
and, for large-volume users, DIALOG SitePrints.                                 
The new DIALOG ERA service allows customers to archive and distribute 
search results throughout the organization while complying with the copyright   
requirements of most databases.                                                 
KRII SourceOne was introduced in January 1994 as a worldwide fax-based
delivery system for full-source copies of U.S. patents and articles from        
selected business journals. This service has since been expanded to European    
patents.                                                                        
DIALOG DIRECT uses corporate e-mail systems to automatically deliver  
titles and selected full-text documents to professionals who need to track      
the latest news from the pharmaceutical, health care and agrochemical           
industries.                                                                     
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  The DIALOG/Data-Star telecommunications link allows users to pass easily
from one system to the other.                                                   

Knight-Ridder Financial: KRF increased its real-time and historical   
price information database to include more than 87,000 instruments.             
KRF introduced MoneyCenter for UNIX in the U.S. in March 1994. MCU    
provides a UNIX-based information delivery platform and charting tool on        
customer-owned LANs with Motif or Open Look graphical user interface.           
KRF improved network performance in 1994 by implementing actions to   
increase network band-width. As a result, it has been able to accommodate       
more data contributors, increase transmission speed of information to users     
and upgrade communication links from analog to digital.                         

Journal of Commerce - In 1994, JoC added information on maritime cargo          
entering and leaving Mexico and Latin America to the U.S. information already   
present in the PIERS database.                                                  
With the formation of Transax Systems in 1994, a joint venture between
JoC and America Systems, Inc., technology consulting and new                    
workstation-based products are offered by Transax to ship lines and shippers.   

Technimetrics - In 1994, Technimetrics introduced a Macintosh version of        
its investor relations software product. In 1995, it will introduce a           
UNIX-based database system that will support an expanded series of products.    

INVESTMENTS: KRII acquired a small share of Helix, a software developer         
for laboratory groupware solutions, and participated in the joint development   
of systems designed to deliver research information directly to scientists.     
KRII acquired Article Express International, a full-service document  
delivery operation, in the last quarter of 1994. This operation, in addition    
to the SourceOne service, has positioned KRII to become a leading provider of   
source documents.                                                               
Through a joint venture with the Canadian newspaper company Southam,  
DIALOG and Southam's Infomart business news service combined to form INFOMART   
DIALOG, the leading information service for the Canadian market.                
JoC formed Transax Systems in 1994 as a joint venture between Transax 
Data and Americas Systems, Inc., a privately held firm that specialized in      
software development.                                                           
 In 1994, JoC acquired Gulf Shipper, a weekly magazine covering shipping
to and from the Gulf States with special focus on local trade routes. Florida   
Shipper covers similar information for the Florida and Caribbean area.          
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PARTIALLY OWNED COMPANIES                                                       

Knight-Ridder owns 49.5% of the voting common stock and 65% of the              
nonvoting common stock of the Seattle Times Company, which publishes The        
Seattle Times in Seattle, Wash., the Walla Walla Union-Bulletin in Walla        
Walla, Wash., and the Yakima Herald-Republic in Yakima, Wash.                   
  Knight-Ridder is an equal partner with Media General and Cox Enterprises
in Southeast Paper Manufacturing Co., which operates a newsprint mill in        
Dublin, Ga.                                                                     
Knight-Ridder is a 13.5% owner, with eight partners, of Ponderay      
Newsprint Company, a 225,000-metric-tonne newsprint mill in Usk, Wash. The      
managing partner, with 40% ownership, is Lake Superior Forest Products, Inc.    
TKR Cable Company, jointly owned with Tele-Communications, Inc.,      
currently operates cable television systems in New York and New Jersey.         
In addition, Knight-Ridder also owns 15% of a partnership which operates        
cable television systems in Kentucky, Texas, Alabama, Georgia, and Florida.     
 In 1989, business operations of the Detroit Free Press were merged with
those of The Detroit News to form the Detroit Newspaper Agency, a joint         
venture between Knight-Ridder and Gannett Co., Inc. The news and editorial      
functions of the two newspapers are separate and independent.                   
Knight-Ridder owns 33.33% of the voting stock of Newspapers First; the
balance is owned by a group of major-market independents.  Newspapers First     
is responsible for the sale and service of general, retail and national         
classified advertising accounts for a number of newspapers.                     
 In 1994, Knight-Ridder Information, Inc., purchased 50.2% of the voting
and 49.8% of the nonvoting common stock of a joint venture with Southam,        
Inc., that combined the Canadian electronic business information operations     
of the two companies. The new company is called Infomart DIALOG.                
Transax Data, a wholly owned subsidiary of Journal of Commerce, Inc., 
and Americas Systems, Inc., formed a partnership called Transax Systems, in     
which Journal of Commerce, Inc., has a 51% interest.                            

TRAINING AND ORGANIZATIONAL DEVELOPMENT                                         

Recognizing that Knight-Ridder's greatest asset is its people, the              
company places a premium on human resources development. Knight-Ridder is       
dedicated to helping employees realize their full potential while sharpening    
their focus on serving their internal and external customers.                   
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The most comprehensive commitment to employee and organizational      
development is the "attitude and opinion" survey, used on a regular cycle at    
each company to get employee feedback about workplace issues that concern       
them. Significant concerns are surfaced, explored and resolved.                 
Knight-Ridder executives work together to conduct annual management   
development reviews (MDRs) at each company. The MDRs assess bench strength,     
identify candidates of exceptional promise and recommend growth                 
opportunities.                                                                  
Special development programs are created to meet particular needs. For
example, the new Marketing Leadership Development program prepares a dozen      
diverse, high-potential advertising and circulation managers for significant    
division-executive roles. Participants work with local and corporate            
executives to address important marketing issues facing the company and to      
gain specific experiences targeted in their personal development plans.         
An intensive five-day General Executive Development program focuses   
development planning for high-potential mid-career executives. Specifically     
tailored experiences and corporate sponsorships prepare them for key            
leadership roles.                                                               
The Executive Leadership Program, targeted to key executives, is a    
25-day educational experience conducted over the course of one year. This       
extended commitment to leadership development is unique in corporate            
executive education.                                                            
Learning and leading change are increasingly critical abilities for   
Knight-Ridder people at all levels. Executive team-building is an ongoing       
practice that supports efforts at the individual company level. In addition,    
specific programs support key initiatives. Strategic Newsroom Management and    
Strategic Change Leadership are five-day workshops for middle managers who      
have exhibited career flexibility and a passion for leadership.                 
Every Knight-Ridder company is engaged in frontline supervisory skills
and employee skills training to enhance their individual and team               
effectiveness in serving customers.                                             
Each year, Knight-Ridder funds and delivers the industry's most       
intensive newspaper-specific sales training for every new field salesperson.    
Advanced courses strengthen the partnership between advertising category        
salespeople, managers and customers.                                            
  In 1995, a four-day marketing and research program will be delivered for
circulation managers at every newspaper.                                        
  In a supplementary program, Knight-Ridder supports local company efforts
to accelerate individual and organizational development.  To that end,          
matching funds add $3 to every dollar spent at the local level.                 
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Knight-Ridder has a long-standing commitment to increasing the role of
women and minorities in its businesses, reflecting the diversity of the         
communities it serves.  Growth in the percentage of minority and female         
employees has continued uninterrupted for the past decade.  Managers are        
evaluated on the progress they make toward significantly increasing the pool    
of women and minority members who are qualified to fill key positions.          
The Minority Hiring Program assists companies in funding positions for
talented minority group members in those cases where such support otherwise     
would not exist.                                                                
In the past six years, thousands of employees have participated in    
discrimination awareness efforts. In 1994, the company began preparing new      
diversity training to reach all employees.                                      
Knight-Ridder is an equal opportunity employer.  Specific policies    
prohibit discrimination and harassment of any kind, including sexual            
harassment.                                                                     
Knight-Ridder is committed to positive, productive employee relations.
Approximately 42% of the 21,000 full-time employees are represented by nearly   
100 local unions under collective bargaining agreements that expire and are     
renegotiated at varying times every few years. These agreements conform with    
the pattern of labor agreements in the American newspaper industry.             

OTHER                                                                           

The company's business is such that the dollar amount of the backlog of         
orders would not be of any significance to the understanding of its             
operations.                                                                     
 The company does not anticipate that compliance with the federal, state
or local provisions regulating the discharge of materials into the              
environment will have a material effect upon its capital expenditures,          
earnings or competitive position.                                               

SOURCES OF INFORMATION                                                          

Population and household figures for 1990 are from the U.S. Bureau of           
the Census, while estimates for Dec. 31, 1993, are from the Sales & Marketing   
Management Survey of Buying Power, Aug. 30, 1994. Metropolitan Statistical      
Areas, as defined by the U.S. Office of Management and Budget, are used for     
newspaper markets unless otherwise indicated. Population estimates for 2015     
are from the National Planning Association Data Services, Inc. (93-R-1 & 2).    
Newspaper households and circulation data for 1994 are from the latest
available annual audit reports from the Audit Bureau of Circulations.           
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Advertising linage is from company records. Where necessary, certain  
previously reported statistics have been restated to be consistent with         
measurement guidelines currently used.                                          

The Company                                                                     
Knight-Ridder,Inc., was formed in 1974 by a merger between Knight     
Newspapers and Ridder Publications, Inc.                                        
In 1903, Charles Landon Knight purchased the Akron Beacon Journal.    
Knight Newspapers was founded by John S. Knight, who inherited the Beacon       
Journal from his father in 1933.  Ridder Publications was begun in 1892         
when Herman Ridder acquired the German-language Staats-Zeitung in New York.     
Both groups flourished, each taking its stock public in 1969.  The merger       
created a company with operations coast to coast.                               
The Business Information Services Division was formally established in
1983, although Knight-Ridder owned the Journal of Commerce and Commodity        
News services prior to that time.  Dialog Information Services, Inc. (now       
Knight-Ridder Information, Inc.), was acquired in 1988.                         
Knight-Ridder, Inc. was incorporated in Ohio in 1974.  Headquartered  
in Miami, the Company was reincorporated in Florida in 1976.                    

                                                                [Download Table]
Newsprint Consumption                                                        
(In thousands of metric tonnes)                                              


  Year      Amount                                                           
  ----      -------                                                          
                                                                             
  1984          635                                                          
  1985          612                                                          
  1986          642                                                          
  1987          685                                                          
  1988          687                                                          
  1989          693                                                          
  1990          667                                                          
  1991          619                                                          
  1992          618                                                          
  1993          639                                                          
  1994          650                                                          

Knight-Ridder's newsprint consumption increased 1.7% over 1993 as a result of
increased linage.                                                            
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                                                                [Download Table]
Average Daily Circulation For Knight-Ridder Newspapers               
(In thousands of copies)                                             


  Year      Amount                                                   
  ----      -------                                                  
                                                                     
  1984        3,827                                                  
  1985        3,749                                                  
  1986        3,731                                                  
  1987        3,978                                                  
  1988        3,945                                                  
  1989        3,955                                                  
  1990        3,872                                                  
  1991        3,745                                                  
  1992        3,678                                                  
  1993        3,654                                                  
  1994        3,602                                                  

Total circulation of Knight-Ridder's daily newspapers decreased 1.4%.

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                                                                [Download Table]
Average Sunday Circulation For Knight-Ridder Newspapers               
(In thousand of copies)                                               


  Year      Amount                                                    
  ----      -------                                                   
                                                                      
  1984        4,593                                                   
  1985        4,545                                                   
  1986        4,556                                                   
  1987        4,817                                                   
  1988        4,844                                                   
  1989        4,919                                                   
  1990        4,808                                                   
  1991        4,782                                                   
  1992        4,774                                                   
  1993        4,760                                                   
  1994        4,715                                                   

Total circulation of Knight-Ridder's Sunday newspapers decreased 0.9%.

ITEM 3.       Legal Proceedings                                                 

The Comprehensive Environmental Response, Compensation and Liability  
Act (Superfund) establishes a fund to clean up deposits and spills of           
hazardous substances.  The Company has been identified by certain regulatory    
agencies as one of several potentially responsible parties in connection        
with the generation of allegedly hazardous substances which may have been       
disposed of or reclaimed by third-party contractors at sites in New Jersey,     
Maryland, South Carolina, North Carolina, Pennsylvania, and Kansas.  The        
Company, certain other potentially responsible parties and the United States    
Environmental Protection Agency (EPA) have entered into consent orders          
relating to the sites in New Jersey, South Carolina, and North Carolina         
providing for remedial investigations and feasibility studies or remediation    
to be performed.                                                                

The Company does not anticipate that any liability arising from       
ultimate relief secured by regulatory agencies or other persons will have a     
material effect on the Company's business or financial condition.  The          
Company is cooperating with the appropriate regulatory agencies with respect    
to compliance with environmental laws.                                          
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In 1990, a verdict was rendered against the company's subsidiary,     
Philadelphia Newspapers, Inc. (PNI), publisher of The Philadelphia Inquirer     
and Philadelphia Daily News, in a libel action entitled Sprague v.              
Philadelphia Newspapers, Inc., for $2.5 million in compensatory damages and     
$31.5 million in punitive damages. Following entry of the judgment on Sept.     
15, 1992, PNI appealed the judgment to the Pennsylvania Superior Court. The     
Superior Court has affirmed the $2.5 million in compensatory damages and        
vacated the $31.5 million award of punitive damages. The court remanded the     
case to the trial court, which will either hold a new trial solely on the       
issue of punitive damages or reduce the punitive damages judgment to $21.5      
million. PNI believes that substantial grounds exist for a decision by an       
appellate court to grant a new trial on all issues.                             
 In the opinion of management, the ultimate liability to the company and
its subsidiaries as a result of this and other legal proceedings will not be    
material.                                                                       

ITEM 4.        Submission of matters to a vote of security holders.             

None.                                             

PART II                                                                         
ITEM 5.  Market for registrant's common stock and related stockholder matters   
     -------------------------------------------------------------------

KRI STOCK                                                                       
 Knight-Ridder common stock is listed on the New York Stock Exchange and
the Frankfurt Stock Exchange under the symbol KRI and on the Tokyo Stock        
Exchange with the designation 9491.  The stock also is traded on exchanges in   
Philadelphia, Chicago, Boston, San Francisco, Los Angeles and Cincinnati, as    
well as through the Intermarket Trading System.  Options are traded in the      
Philadelphia Exchange.                                                          
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                                                        [Enlarge/Download Table]

Market Price of Common Stock                                                                 
The last closing price of the Company's common stock prior to the preparation of this report 
was $53 on Jan. 30, 1995.  The number of shareholders of record at Dec. 25, 1994, was 10,727.
The following market data is reported by Knight-Ridder Financial Services:                   

                             1994                       1993                   1992          
                     ---------------------       ------------------      ------------------  
Quarter              High            Low         High         Low        High         Low    
--------            -------         ------      -------     -------     -------     -------  
                                                                                             
1st............      61             54 7/8       65          56 1/2      60 7/8      50 3/4  
2nd............      60 1/4         52           58 3/4      51 1/8      64 1/8      55      
3rd............      54 5/8         49 1/2       55 1/2      50 5/8      63 1/4      57 1/8  
4th............      52 1/2         46 1/2       61 3/4      52          61 3/4      54 7/8  

                                                                [Download Table]

Treasury Stock Purchases                                            
The table below is a summary of treasury stock purchases since 1984:

                              Shares         Cost                   
                            Purchased       (000s)                  
                            ----------    ----------                
                                                                    
1994.......................  2,522,300   $  136,977                 
1993.......................    750,000       40,693                 
1992.......................     -             -                     
1991.......................     -             -                     
1990.......................  2,662,700      129,909                 
1989.......................  2,761,100      131,885                 
1988.......................  4,549,600      198,279                 
1987.......................  1,000,000       38,728                 
1986.......................     -             -                     
1985.......................  9,500,000      332,308                 
1984.......................     -             -                     
                                                        [Enlarge/Download Table]

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QUARTERLY OPERATIONS                                                                                                       

The company's largest source of revenue, retail advertising, is seasonal and tends to fluctuate with retail sales in       
markets served.  Historically, retail advertising is higher in the second and fourth quarters.  General advertising,       
while not as seasonal as retail, is lower during the summer months.  Classified advertising revenue has in the past been   
a reflection of the overall economy and has not been significantly affected by seasonal trends.  The following table       
summarizes the company's unaudited quarterly results of operations (in thousands, except per share data):                  

                                                                                  QUARTER                                  
                                                             --------------------------------------------------            
                                                              First         Second        Third         Fourth             
                                                             --------      --------      --------      --------            
                                                                                                                           
Description                                                                                                                
1994                                                                                                                       
   Operating revenue.................................      $  630,863    $  661,550    $  642,613     $ 713,935            
   Operating income..................................          64,810        95,286        75,277        95,888            
   Net income........................................          30,372        50,121        37,243        53,164            
   Net income per common and common                                                                                        
      equivalent share ..............................             .55           .92           .69           .99            
   Dividends declared per common share...............             .35           .37 *         .37           .37            

1993                                                                                                                       
   Operating revenue.................................        $583,894      $621,682      $593,124      $652,648            
   Operating income..................................          53,680        76,245        58,314        96,618            
   Net income........................................          23,136        42,497        31,251        51,205            
   Net income per common and common                                                                                        
      equivalent share (1)...........................             .42           .77           .57           .93            
   Dividends declared per common share...............             .35           .35           .35           .35            

1992                                                                                                                       
   Operating revenue.................................        $555,438      $590,531      $564,854      $618,706            
   Operating income..................................          50,360        79,049        61,058        88,044            
   Income before cumulative effect of                                                                                      
      changes in accounting principles...............          25,006        46,090        31,392        43,598            
   Cumulative effect of changes in                                                                                         
      accounting principles for:                                                                                           
         Income taxes................................          25,800                                                      
         Postretirement benefits other than pensions.        (131,000)                                                     
   Net income (loss).................................         (80,194)       46,090        31,392        43,598            
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   Net income (loss) per common and common                                                                                 
      equivalent share (1):                                                                                                
         Income before cumulative effect                                                                                   
            of changes in accounting principles......             .46           .84           .57           .79            
         Cumulative effect of changes                                                                                      
            in accounting principles.................           (1.93)                                                     
         Net income (loss)...........................           (1.47)          .84           .57           .79            
   Dividends declared per common share...............             .35           .35           .35           .35            

 (1) Amounts do not total to the annual earnings per share because each quarter and the year are calculated                
     separately based on average outstanding shares during that period.                                                    

 * The second quarter ended June 26, 1994.  These dividends were declared June 28, 1994, and recorded in the third quarter.

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ITEM 6.      Selected Financial Data                                            
-----------------------                               

                                                        [Enlarge/Download Table]

11-Year Financial Highlights (In thousands, except per share data and ratios)                                              
The following data were compiled from the consolidated financial statements of Knight-Ridder, Inc., and subsidiaries.      
The consolidated financial statements and related notes and discussions for the year ended Dec. 25, 1994,                  
Items 7 & 8 also should be read in order to obtain a better understanding of this data.                                    


                                              Compound Growth                                                              
                                                   Rate                                                                    
                                             -----------------    Dec. 25     Dec. 26     Dec. 27     Dec. 29     Dec.30   
                                             5-Year(1) 10-Year      1994        1993        1992        1991       1990    
                                             ------    -------   ---------   ---------   ---------   ---------   --------- 
                                                                                                                           
 SUMMARY OF OPERATIONS                                                                                                     
   Operating Revenue                                                                                                       
       Newspapers                                                                                                          
          Advertising........................  0.1 %     2.9 % $ 1,583,373 $ 1,481,631 $ 1,444,144 $ 1,429,661 $ 1,556,932 
          Circulation........................  4.7       4.8       484,581     474,420     460,014     439,029     403,188 
          Other.............................. 15.8      10.7        66,968      56,772      39,932      35,127      31,981 
                                                                 ---------   ---------   ---------   ---------   --------- 
      Total Newspapers.......................  1.4       3.5     2,134,922   2,012,823   1,944,090   1,903,817   1,992,101 
      Business Information Services.......... 12.2      22.6       514,039     438,525     385,439     354,361     332,628 
      Other..................................                                                                              
                                                                 ---------   ---------   ---------   ---------   --------- 
              Total Operating Revenue........  3.0       5.2     2,648,961   2,451,348   2,329,529   2,258,178   2,324,729 
                                                                 ---------   ---------   ---------   ---------   --------- 
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   Operating Costs                                                                                                         
       Depreciation & amortization ........    3.8      10.1       149,327     141,758     128,221     124,055     127,772 
       Other operating costs                   3.4       5.2     2,168,373   2,024,733   1,922,797   1,890,850   1,896,331 
                                                                 ---------   ---------   ---------   ---------   --------- 
             Total Operating Costs.........    3.4       5.4     2,317,700   2,166,491   2,051,018   2,014,905   2,024,103 
                                                                 ---------   ---------   ---------   ---------   --------- 
    Operating Income.......................    0.6       3.4       331,261     284,857     278,511     243,273     300,626 
        Interest expense...................  (12.0)     16.4       (44,585)    (45,112)    (52,375)    (68,843)    (71,803)
        Other, net.........................  (43.2)    (14.2)        3,394       3,656      13,580      35,940      17,119 
        Income taxes, net..................    0.7       0.7      (119,170)    (95,312)    (93,630)    (78,302)    (96,897)
                                                                 ---------   ---------   ---------   ---------   --------- 
     Net Income from continuing operations.   (1.0)      2.7       170,900     148,089     146,086     132,068     149,045 

     Discontinued broadcast operations (2).                                                                                
     Cumulative effect of changes                                                                                          
         in accounting principles (3)......                                               (105,200)                        
                                                                 ---------   ---------   ---------   ---------   --------- 
      Net income...........................   (7.1)      2.0   $   170,900 $   148,089 $    40,886 $   132,068 $   149,045 
                                                                 =========   =========   =========   =========   ========= 
     Operating Income Percentage (Profit margin)                    12.5%       11.6%       12.0%       10.8%       12.9%  

---------------------------------------------------------------------------------------------------------------------------

SHARE DATA                                                                                                                 
     Average number of common and                                                                                          
          common equivalent shares outstanding                      54,275      55,332      55,178      51,797      50,683 
     Income per common and                                                                                                 
          common equivalent share............                                                                              
          Continuing operations..............     (1.7)    4.6   $    3.15    $   2.68   $    2.65 $      2.55 $      2.94 
          Discontinued broadcast operations (2)                                                                            
          Cumulative effect of changes                                                                                     
                in accounting principles (3).                                                (1.91)                        
          Net income.........................                         3.15        2.68        0.74        2.55        2.94 
     Cash dividends per common share.........      3.2     8.1        1.46        1.40        1.40        1.40        1.34 
     Common stock price                                                                                                    
         High................................                           61          65      64 1/8      57 1/2          58 
         Low.................................                       46 1/2      50 5/8      50 3/4      43 3/4          37 
         Close...............................                       50 7/8      59 3/8      58 1/8      50 3/4      45 7/8 
     Shareholders' equity per common share...      5.4     5.0   $   23.15 $     22.67 $     21.50 $     21.44 $     18.09 
     Price/Earnings Ratio (4)................                       16.2:1      22.2:1      21.9:1      19.9:1      15.6:1 

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---------------------------------------------------------------------------------------------------------------------------

OTHER FINANCIAL DATA                                                                                                       
     Net change in total debt...................                $  (39,571)$  (109,170)$   (46,595)$  (217,118)$   111,018 
     Common stock acquired......................                   136,977      40,693                             129,909 
     Payment of cash dividends..................                    77,942      76,787      75,992      71,087      66,422 
     Ratio of Earnings to Fixed Charges (5).....                     5.2:1       4.5:1       3.9:1       2.9:1       3.4:1 
     At Year End                                                                                                           
          Total assets..........................                 2,447,189   2,431,432   2,458,059   2,332,751   2,270,459 
           Working capital......................                     2,163      (5,180)     55,669      34,023      75,396 
           Long-term debt (excluding current                                                                               
                maturities).....................                   411,504     410,388     495,941     556,797     803,914 
           Total debt...........................                   411,504     451,075     560,245     606,840     823,958 
           Shareholders' Equity.................                 1,224,654   1,243,169   1,181,812   1,148,620     894,913 
           Current ratio........................                    1.01:1       1.0:1       1.1:1       1.1:1       1.2:1 
           Total debt/total capital ratio.......                    25.2 %      26.6 %      32.2 %      34.6 %      47.9 % 
           Long-term debt/equity ratio..........                    33.6 %      33.0 %      42.0 %      48.5 %      89.8 % 

See Notes on Pages 49 and 50.                                                                                              

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11-Year Financial Highlights (In thousands, except per share data and ratios)                                                        
The following data were compiled from the consolidated financial statements of Knight-Ridder, Inc., and subsidiaries.                
The consolidated financial statements and related notes and discussions for the year ended Dec. 25, 1994,                            
Items 7 & 8 also should be read in order to obtain a better understanding of this data.                                              

                                                       Dec. 31      Dec. 31     Dec. 31     Dec. 31     Dec. 31     Dec. 31          
                                                        1989         1988        1987        1986        1985        1984            
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
                                                                                                                                     
SUMMARY OF OPERATIONS                                                                                                                
   Operating Revenue                                                                                                                 
       Newspapers                                                                                                                    
          Advertising..............................$  1,577,449  $ 1,523,030 $ 1,464,447 $ 1,332,820 $ 1,220,534 $ 1,186,559         
          Circulation................................   385,214      370,898     357,553     334,670     312,988     302,281         
          Other......................................    32,212       29,743      28,578      25,362      25,873      24,235         
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
              Total Newspapers....................... 1,994,875    1,923,671   1,850,578   1,692,852   1,559,395   1,513,075         
      Business Information Services..................   289,585      159,659      99,260      88,904      80,095      66,961         
      Other..........................................                             18,344      26,338      24,871      21,938         
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
              Total Operating Revenue................ 2,284,460    2,083,330   1,968,182   1,808,094   1,664,361   1,601,974         
                                                      ---------    ---------   ---------   ---------   ---------   ---------         

   Operating Costs                                                                                                                   
       Depreciation & Amortization...................   123,810      104,576      92,425      81,901      70,752      57,096         
       Other operating costs........................  1,838,656    1,707,991   1,580,664   1,467,543   1,372,840   1,308,741         
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
                Total Operating costs................ 1,962,466    1,812,567   1,673,089   1,549,444   1,443,592   1,365,837         
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
    Operating Income.................................   321,994      270,763     295,093     258,650     220,769     236,137         
        Interest Expense.............................   (84,622)     (62,465)    (49,583)    (33,248)    (21,624)     (9,723)        
        Other, net...................................    57,381       26,515      20,061      20,172      21,866      15,718         
        Income taxes, net............................  (114,917)     (88,038)   (116,837)   (113,000)    (96,577)   (110,741)        
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
     Net Income from continuing operations...........   179,836      146,775     148,734     132,574     124,434     131,391         
     Discontinued broadcast operations (2)...........    67,366        9,608       6,429       7,465       8,290       9,419         
     Cumulative effect of changes                                                                                                    
         in accounting principles (3)................                                                                                
                                                      ---------    ---------   ---------   ---------   ---------   ---------         
      Net income...................................  $  247,202   $  156,383   $ 155,163 $   140,039 $   132,724 $   140,810         
                                                      =========    =========   =========   =========   =========   =========         
     Operating Income Percentage (Profit margin)           14.1%       13.0%       15.0%       14.3%       13.3%       14.7%         
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SHARE DATA                                                                                                                           
     Average number of common and                                                                                                    
          common equivalent shares outstanding.......    52,439     56,703      58,646      58,202      60,732      65,578           
     Income per common and                                                                                                           
          common equivalent share....................                                                                                
            Continuing operations....................   $  3.43   $   2.59    $   2.54 $      2.28 $      2.05 $      2.00           
            Discontinued broadcast operations (2)....      1.28        .17         .11         .13         .14         .15           
            Cumulative effect of changes                                                                                             
                in accounting principles (3).........                                                                                
             Net income..............................      4.71       2.76        2.65        2.41        2.19        2.15           
     Cash dividends per common share.................  1.24 1/2   1.14 1/2        1.03        0.91        0.79        0.67           
     Common stock price                                                                                                              
         High........................................    58 3/8     47 3/4      61 1/4      57 7/8      41 3/8          31           
         Low.........................................    42 7/8     35 3/4      33 1/4      37 1/2          28      21 1/4           
         Close.......................................    58 3/8     45 3/8      40 1/8      46 7/8      39 7/8      29 1/4           
     Shareholders' equity per common share........... $   17.83   $  15.47   $   15.85   $   14.28  $    12.38  $    14.17           
     Price/Earnings Ratio (4)........................    20.4:1     17.5:1      15.1:1      19.5:1      18.2:1      13.6:1           

----------------------------------------------------------------------------------------------------------------------------         
OTHER FINANCIAL DATA                                                                                                                 
     Net change in total debt.....................  .$ (324,135) $ 483,840    (115,026)$   360,041 $   240,597 $    (1,883)          
     Common stock acquired...........................   131,885    198,279      38,728                 332,308                       
     Payment of cash dividends.......................    63,260     62,990      57,426      49,877      46,077      41,344           
     Ratio of Earnings to Fixed Charges (5)..........     3.6:1      3.7:1       5.1:1       6.4:1       8.6:1      16.6:1           
     At Year End                                                                                                                     
          Total assets............................... 2,134,626  2,357,040   1,919,875   1,906,459   1,355,480   1,312,804           
           Working capital...........................    70,269     83,695      48,835      74,429      90,019     133,585           
           Long-term debt (excluding current                                                                                         
                   maturities).......................   660,900    727,043     508,203     620,389     263,058      67,612           
           Total debt................................   712,940  1,037,075     553,235     668,261     308,220      67,623           
           Shareholders' Equity......................   917,145    821,625     901,498     815,982     696,576     921,569           
           Current ratio.............................     1.2:1      1.1:1       1.2:1       1.2:1       1.3:1       1.6:1           
           Total debt/total capital ratio............      43.7 %     55.8 %      38.0 %      45.0 %      30.7 %       6.9 %         
            Long-term debt/equity ratio..............      72.1 %     88.5 %      56.4 %      76.0 %      37.8 %       7.3 %         

NOTES                                                                                                                                
(1) The five-year compound growth rate is calculated using 1989 as the base year, which includes the gain on the sale of broadcast   
    assets and results of operations of the company's Broadcast Division and the gain on the sale of the Pasadena Star-News.         
(2) Results of operations of the company's Broadcast Division (sold in 1989) and the gain on the sale of broadcast assets            
    are presented as "discontinued broadcast operations."                                                                            
(3) For 1992, the cumulative effect of changes in accounting principles represents adjustments from the implementation of            
    FAS109 - Accounting for Income Taxes and FAS 106-Accounting for Postretirement  Benefits Other Than Pensions.                    
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(4) Price/Earnings Ratio is computed by dividing closing market price by earnings for the trailing 12-month period.  1992 earnings   
    exclude the effects of changes in accounting principles.  For 1989 and 1988, the earnings represent continuing operations. 1989  
    earnings also exclude the gain on the sale of the Pasadena Star-News.                                                            
(5) The ratio of earnings to fixed charges is computed by dividing earnings (as adjusted for fixed charges and undistributed equity  
    income from unconsolidated subsidiaries) by fixed charges for the period.  Fixed charges include interest on debt                
    (before capitalized interest), interest component of rental expense, the proportionate share of interest expense on              
    guaranteed debt of certain equity-method investees and on debt of 50%-owned companies.                                           


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ITEM 7.  Management's Discussion and Analysis of Financial Condition            
-----------------------------------------------------------   
and Results of Operations                                     
-------------------------                                     

  Knight-Ridder is an international information and communications company
engaged in newspaper publishing, business news and information services,        
electronic retrieval services and news, graphics and photo services.            
In 1994, the gross revenue from these businesses was more than $2.6   
billion. The company also is involved in other newspaper businesses, cable      
television and newsprint manufacturing through business arrangements,           
including joint ventures and partnerships.                                      
The charts at the end of this section illustrate the approximate      
relative percentages of the components of operating revenue and of operating    
costs as a percentage of operating revenue.                                     

Glossary of Newspaper Advertising Terms                                         
The following definitions may be helpful when reading the Management's
Discussion and Analysis of Operations.                                          
RETAIL -  Display advertising from local merchants, such as department
and grocery stores, selling goods and services to the public.                   
GENERAL -  Display advertising by national advertisers who promote    
products or brand names on a nationwide basis.                                  
 CLASSIFIED - Small, locally placed ads listed together and organized by
category, such as real estate sales, employment opportunities, automobile       
sales and display type advertisements in these categories.                      
FULL-RUN - Advertising appearing in all editions of a newspaper.      
PART-RUN - Advertising appearing in select editions or zones of a     
newspaper's market. Part-run advertising is translated into full-run            
equivalent linage (referred to as factored) based on the ratio of the           
circulation in a particular zone to the total circulation of a newspaper.       
RUN-OF-PRESS (ROP) - All advertising printed on Knight-Ridder presses 
and appearing within a newspaper.                                               
 PREPRINT - Advertising supplements prepared by advertisers and inserted
into a newspaper.                                                               
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 NEWSPAPER revenue is derived principally from advertising and newspaper
copy sales. Newspaper advertising currently accounts for about 60% of           
consolidated revenue. This revenue comes from the three basic categories of     
advertising - retail, general and classified - discussed above.                 
  Newspaper advertising volume is categorized as either run-of-press (ROP)
or preprint. Volume for ROP advertising is measured in terms of either          
full-run or part-run advertising linage and reported in six-column inches. A    
six-column inch consists of one inch of advertising in one column of a          
newspaper page when that page is divided into six columns of equal size. By     
using part-run advertising, advertisers can direct their messages to selected   
market segments.                                                                
 Circulation revenue results from the sale of newspapers. Circulation of
daily and Sunday newspapers currently accounts for 18% of consolidated          
revenue. It is reported at the net wholesale price for newspapers delivered     
or sold by independent contractors and at the retail price for newspapers       
delivered or sold by employees.                                                 
Other newspaper revenue comes from alternate delivery systems,        
commercial job printing, niche publications, book publishing, audiotext,        
newsprint scrap sales, newspaper trucking services, and other miscellaneous     
sources.                                                                        
BUSINESS INFORMATION SERVICES (BIS) revenue includes operations of    
Knight-Ridder Information, Inc. (KRII, formerly known as the Dialog Group),     
Knight-Ridder Financial (KRF), Journal of Commerce and Technimetrics.           
  KRII products include DIALOG, Data-Star and Infomart DIALOG, an archival
information service provided through a 1994 joint venture with Southam, Inc.    
KRII serves more than 150,000 customers in more than 100 countries and offers   
more than 600 databases. Subscribers are charged according to amount of time    
they spend online, information procured and which databases they access.        
Knight-Ridder Financial products include real-time and archival       
information services focusing on global sovereign debt, foreign exchange,       
money markets and futures instruments. Information displayed on these           
products consists of news, quotations, charts and a variety of other            
analytical services. The group generates revenue from subscribers in more       
than 30 countries.                                                              
  Journal of Commerce publishes The Journal of Commerce, a daily newspaper
that focuses on global trade and transportation issues, and several             
periodicals. It also provides access to electronic databases on imports,        
exports and steamship tariffs and provides tariff filings and retrieval         
services.                                                                       
Technimetrics, a January 1994 acquisition, is a leading publisher of  
investor information and global investment listings of business executives      
and professionals.                                                              
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SUMMARY OF OPERATIONS A summary of the company's operations, certain  
share data and other financial data for the past 11 years is provided in        
Item 6.  Compound growth rates for the past five- and 10-year periods           
are also included, if applicable. A review of this summary and of the           
supplemental information section (Items 1 & 2) will provide a better            
understanding of the following discussion and analysis of operating results     
and of the financial statements as a whole. The supplemental information        
contains financial data for the company's operations by line of business and    
includes discussions of the company's largest newspapers and information        
regarding the company's properties, technology and the raw materials used in    
operations.                                                                     
RESULTS OF OPERATIONS: 1994 vs. 1993 Knight-Ridder, Inc., earnings per
share was $3.15, up $.47, or 17.5%, from $2.68 per share in 1993.               
Operating income increased 16.3% on an 8.1% increase in revenue in    
1994.  Operating income as a percentage of revenue was 12.5% compared with      
11.6% in 1993.                                                                  
NEWSPAPERS The Newspaper Division's operating income increased $52.1  
million, or 17.4%, to $350.9 million. The increase resulted from a 6.1%         
revenue improvement that was partially offset by fourth quarter charges         
related to buyout and separation charges and nonrecurring charges for           
litigation and environmental matters.                                           
Overall, newspaper advertising revenue increased by $101.7 million, or
6.9%, in 1994 on a full-run ROP linage increase of 3.1%. The following table    
summarizes the percentage change in revenue and full-run ROP linage from        
1993.                                                                           
            Percent Gain
Percent Gain    in Full-Run     
Advertising Category     in Revenue     ROP Linage                              
---------------------   ------------    ------------                            
Retail                      3.4             0.3                                 
General                     9.3            11.1                                 
Classified                 10.9             5.5                                 
Total                     6.9             3.1                               

Retail advertising revenue improved $26.4 million, or 3.4%. The       
improvement resulted from a 0.3% increase in full-run ROP linage, increases     
in full-run ROP average rates and preprint revenue.                             
General advertising revenue increased by $15.7 million, or 9.3%, from 
1993 on an 11.1% increase in full-run ROP general linage, partially offset by   
a decrease in preprint revenue.                                                 
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Classified revenue improved by $59.7 million, or 10.9%, on a 5.5%     
increase in full-run ROP volume and a 4.9% increase in full-run average         
rates. Most of the increase was due to the strength of employment               
advertising, which was up 23.4% for the year and 32.1% in the last quarter.     
 Circulation revenue increased $10.2 million, or 2.1%, despite a decline
in average number of copies. Morning circulation declined 41,600 copies, or     
1.3% and afternoon circulation declined 10,900 copies, or 2.4%. Sunday          
circulation declined 45,300 copies, or 0.9%.                                    
 Other newspaper revenue increased $10.2 million, or 18.0%, during 1994,
primarily due to increased revenue from lines of business developed to          
augment the revenue of our core newspaper business.                             
BUSINESS INFORMATION SERVICES In 1994, BIS contributed 19.4% of       
consolidated revenue, compared with 17.9% in 1993. Operating income was $23.1   
million, down $295,000, or 1.3%, from 1993 on a 17.2% increase in revenue.      
The decline in divisional operating income resulted from a fourth quarter       
KRII separation charge. Excluding the impact of acquisitions, revenue would     
have been up almost 9%.                                                         
The graph at the end of this section illustrates the 22.6% compound   
growth rate for BIS revenue from 1984.                                          
EXPENSES Labor and employee benefit costs were up $65.2 million, or   
6.4%, with a 1.4% increase in the work force resulting from expansion and       
acquisitions in the BIS Division, which was partly offset by work force         
reductions in the Newspaper Division. Other factors in the increase were a      
4.4% increase in the average labor and employee benefit cost, and a fourth      
quarter charge for buyouts and separation charges.                              
 Newsprint, ink and supplements cost increased by $859,000, or 0.3%, due
to a 1.7% increase in consumption and a slight decrease in average newsprint    
prices from the prior year.                                                     
Depreciation and amortization expense increased 5.3%, or $7.6 million,
due to BIS expansion and acquisitions.                                          
Other operating costs increased 11.7% from 1993 due partially to      
increases in volume-related BIS royalty and exchange fee expenses and other     
cost increases related to BIS expansion and acquisitions. A fourth quarter      
charge for environmental and litigation matters accounted for part of the       
increase.                                                                       
NON-OPERATING ITEMS Net interest expense decreased $1.2 million, or   
3.2%, from 1993, due primarily to lower debt levels.                            
INCOME TAXES The effective income tax rate for 1994 was 41.1%, up from
39.2% in 1993. The increase was mostly due to 1993 favorable adjustments of     
tax reserves resulting from settlement of IRS audits of prior years and other   
prior year state tax issues.                                                    
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RESULTS OF OPERATIONS: 1993 vs. 1992 Knight-Ridder, Inc., earnings per
share was $2.68, up $.03, or 1.1%, from $2.65 per share before the cumulative   
effect of changes in accounting principles in 1992.                             
Operating income increased 2.3% on a 5.2% increase in revenue in 1993.
Operating income as a percentage of revenue was 11.6% compared with 12.0% in    
1992.                                                                           
A 20.7% increase in net interest expense resulted from a reduction in 
capitalization of interest related to the Philadelphia plant. This was          
partially offset by higher earnings from our cable investment.                  
NEWSPAPERS The Newspaper Division's operating income increased $8.2   
million, or 2.8%, to $298.8 million. The increase resulted from improved        
revenue, which more than offset a 3.4% increase in the average price of         
newsprint, and increased costs due to the transition to the new plant in        
Philadelphia.                                                                   
Overall, newspaper advertising revenue increased by $37.5 million, or 
2.6%, in 1993 on a full-run ROP linage increase of 1.3%. The following table    
summarizes the percentage change in revenue and full-run ROP linage from        
1992.                                                                           
                           Percent
    Percent               Gain
        Gain               (Decline)
       (Decline)           in Full-Run
Advertising Category        in Revenue           ROP Linage                     
--------------------        ----------           ----------                     

Retail                         1.0                 (1.0)                        
General                       (3.4)                (7.8)                        
Classified                     7.0                  5.3                         
Total                        2.6                  1.3                       

Retail advertising revenue improved $7.6 million, or 1.0%. A 1.9%     
increase in full-run average rates and an increase in part-run ROP revenue      
was partially offset by a 1.0% decrease in full-run ROP linage.                 
  General advertising revenue declined by $6.0 million, or 3.4%, from 1992
on a 7.8% decline in full-run ROP general linage, partially offset by an        
increase in preprint revenue.                                                   
Classified revenue improved by $35.9 million, or 7.0%, on a 5.3%      
increase in full-run ROP volume.                                                
 Circulation revenue increased $14.4 million, or 3.1%, despite a decline
in average number of copies. Morning circulation declined 11,300 copies, or     
0.4% and afternoon circulation declined 11,800 copies, or 2.5%. Sunday          
circulation declined 14,300 copies, or 0.3%.                                    
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 Other newspaper revenue increased $16.8 million, or 42.2%, during 1993,
primarily due to efforts to augment the revenue of our core newspaper           
business.                                                                       
BUSINESS INFORMATION SERVICES In 1993, BIS contributed 17.9% of       
consolidated revenue, compared with 16.5% in 1992. Operating income was $23.4   
million, up $1.3 million, or 6.1%, from 1992 on a 13.8% increase in revenue.    
About half of the revenue growth was due to the first quarter acquisition of    
Data-Star, a Europe-based online operation. Excluding Data-Star revenue, BIS    
revenue was up 6.5% from the prior year.                                        
EXPENSES Labor and employee benefit costs were up $33.9 million, or 
3.4%, with 141, or 0.7%, more employees resulting from expansion and            
acquisitions in the BIS Division. The average wage per employee increased       
3.9%. Included in 1992 results were $10.5 million in severance and buyout       
costs related to a Detroit joint operating agreement (JOA) labor settlement.    
  Newsprint, ink and supplements cost increased by $18.2 million, or 5.8%,
due to a 3.4% increase in consumption and average newsprint prices from the     
prior year.                                                                     
  Depreciation and amortization expense increased 10.6%, or $13.5 million,
due to the completion of the new Philadelphia printing plant and BIS            
expansion.                                                                      
  Other operating costs increased 8.1% from 1992, due partially to a $21.7
million increase in volume-related BIS royalty and exchange fee expenses.       
NON-OPERATING ITEMS Net interest expense increased $6.7 million, or   
20.7%, from 1992 as a result of the $14.6 million reduction in capitalized      
interest. This was partially offset by a reduction of interest expense          
reserves related to prior year tax audits and the call of $100.0 million of     
8.0% notes, replaced by lower rate commercial paper. Average interest rates     
on commercial paper decreased from 4.3% in 1992 to 3.2% in 1993.                
Other non-operating items improved to a $2.2 million loss, a $4.1     
million improvement from 1992. Most of the improvement came from our cable      
investments, which contributed an additional $3.5 million to our pre-tax        
income.                                                                         
INCOME TAXES The effective income tax rate for 1993 was 39.2%, up 0.1%
from 39.1% in 1992. Income tax expense included the $5.1 million unfavorable    
effect of the retroactive and current impact of the tax rate change in the      
Omnibus Budget Reconciliation Act of 1993. It was mostly offset by favorable    
adjustments of tax reserves and deferred tax assets resulting from settlement   
of IRS audits of prior years and resolution of other state tax issues.          
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RESULTS OF OPERATIONS: 1992 vs. 1991 Knight-Ridder, Inc., earnings per
share before the cumulative effect of changes in accounting principles was      
$2.65, up $.10, or 3.9%, from $2.55 per share in 1991. The company recorded     
a nonrecurring net charge of $105.2 million ($1.91 per share) related to the    
adoption of Financial Accounting Standards (FAS) 106 (Postretirement Benefits   
Other Than Pensions) and FAS 109 (Accounting For Income Taxes).                 
  The cumulative effect of adoption of FAS 106, relating to postretirement
benefits other than pensions, was an after-tax reduction in earnings of         
$131.0 million, or $2.37 per share. This represents the unrecognized net        
obligation based on plans in place at the beginning of 1992. The company        
chose to recognize this "transition" amount immediately, rather than            
prospectively. In the second quarter, the company announced medical plan        
changes effective Jan. 1, 1993, that placed a maximum annual dollar cap for     
medical premiums that the company would pay for most future non-union           
retirees. Additionally, coverage after the age of 65 was eliminated for most    
future non-union retirees. The result of this announced plan change was a       
reduction in the prior service cost, which will be amortized over future        
years. The full-year operating profit reduction resulting from the recurring    
additional costs related to FAS 106 was $6.6 million, or an after-tax $.07      
reduction in earnings per share.                                                
  The adoption of FAS 109, which relates to accounting for deferred income
taxes, resulted in an increase to 1992 net income of $25.8 million, or almost   
$.47 per share.                                                                 
 Operating income increased 14.5% on a 3.2% increase in revenue in 1992.
Operating income as a percentage of revenue improved to 12.0% from 10.8% in     
1991. Revenue gains and a decline in the cost of newsprint contributed          
positively to operating income.                                                 
A decline in net interest expense and higher earnings from our cable  
investment helped to offset the decline in earnings from our newsprint          
manufacturing investments.                                                      
NEWSPAPERS The Newspaper Division's operating income increased $30.9  
million, or 11.9%, to $290.5 million. The increase resulted from improved       
revenue and a decline in the cost of newsprint. Newspaper Division operating    
costs increased $9.3 million.                                                   
Overall, newspaper advertising revenue increased by $14.5 million, or 
1.0%, in 1992 on a full-run ROP linage decline of 1.5%. The following table     
summarizes the percentage change in revenue and full-run ROP linage from        
1991.                                                                           
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                            Percent Gain
           Percent Gain      (Decline)
             (Decline)       in Full-Run
Advertising Category            in Revenue       ROP Linage                     
--------------------           ------------     ------------                    
Retail                             (0.1)           (2.8)                        
General                             1.0            (7.9)                        
Classified                          2.7             1.1                         
Total                              1.0            (1.5)                       

  Retail advertising revenue was down $520,000, or 0.1%. A 2.8% decline in
volume was partially offset by a 1.5% increase in full-run average rates and    
an increase in preprint and part-run revenue.                                   
General advertising revenue increased by $1.8 million, or 1.0%, from  
1991 on the strength of an 8.2% increase in rates and an increase in preprint   
and part-run revenue. General full-run ROP linage declined 7.9% from 1991.      
Classified revenue improved by $13.2 million, or 2.7%, on             
a 1.1% increase in full-run ROP volume and a 1.7% increase in full-run          
average rates.                                                                  
Circulation revenue increased $21.0 million, or 4.8%, due             
to a 6.4% increase in average rates. Morning circulation declined 26,400        
copies, or 0.8%, and afternoon circulation declined 40,900 copies, or 7.9%.     
Sunday circulation declined 7,200 copies, or 0.2%.                              
BUSINESS INFORMATION SERVICES In 1992, BIS contributed 16.5% of       
consolidated revenue, compared with 15.7% in 1991. Operating income was $22.1   
million, up $1.9 million, or 9.3%, from 1991 on an 8.8% increase in revenue.    
EXPENSES Labor and employee benefit costs were up $47.9 million, or 5.1%,       
with 83, or 0.4%, fewer employees. The average wage per employee increased      
5.2%. Included in 1992 results were $10.5 million in severance and buyout       
costs related to a Detroit JOA labor settlement in the first half of the        
year.                                                                           
  Newsprint, ink and supplements cost declined by $63.0 million, or 16.6%,
due to a 17.8% decrease in average newsprint prices from the prior year.        
Newsprint consumption was 0.1% less than 1991 as a result of shifting the       
printing of The Journal of Commerce to an outside company. Supplements cost     
decreased by $4.8 million, or 10.6%.                                            
Depreciation and amortization expense increased 3.4%, or $4.2 million,
due to the start-up of the new Philadelphia printing plant and BIS expansion.   

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  Other operating costs increased 8.3% from 1991 due partially to an $11.8
million increase in volume-related BIS royalty and exchange fee expenses, and   
increased circulation promotion costs. Additionally, Knight-Ridder increased    
its level of contributions to help with the aftermath of Hurricane Andrew.      
NON-OPERATING ITEMS Net interest expense declined $7.7 million, or    
19.2%, from 1991 as a result of lower average debt balances and lower           
interest rates. Average interest rates on commercial paper decreased from       
6.4% in 1991 to 4.3% in 1992.                                                   
Other non-operating items decreased to a $6.2 million loss, a $13.6   
million decline from 1991. The major reason for the decline was unfavorable     
results from our investments in newsprint manufacturing, which suffered from    
soft newsprint prices in 1992. Our cable investments performed well, but this   
was not enough to offset other non-operating losses.                            
INCOME TAXES The effective income tax rate for 1992 was 39.1%, up 1.9%
from 1991's 37.2%, as a result of the resolution of prior year tax issues.      
  EARLIER YEARS  1990 was the first full year of operations after entering
the joint operating agreement between the Detroit Free Press and The Detroit    
News (owned by Gannett Co., Inc.), creating the Detroit Newspaper Agency        
(DNA), now doing business as Detroit Newspapers. DNA performs the newspapers'   
production, sales and distribution functions, while the two papers maintain     
separate and independent newsrooms. This resulted in significantly improved     
bottom-line results from our Detroit operation.                                 
In October 1989, Knight-Ridder completed the sale of its eight        
television stations for an after-tax gain of $66.9 million, or $1.07 per        
share. In November 1989, the DNA was formed.                                    
Knight-Ridder purchased Dialog Information Services in                
midyear 1988 for approximately $353.0 million, and an effective 7-1/2%          
interest in SCI Holdings, Inc. (parent of Storer Communication) in November     
1988. Despite the $.13 per share dilutive impact of these acquisitions, the     
company's earnings per share from continuing operations increased 2.0% over     
1987.                                                                           
  In 1987, the company's newspaper operations received a boost from strong
classified advertising and a full year of operations from the State-Record      
Company acquisition. The acquisition, however, cost the company approximately   
$.15 in earnings per share dilution. Excluding the State-Record newspapers,     
newspaper advertising revenue increased 4.9% on a 0.4% decline in full-run      
ROP linage.                                                                     
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In 1986, Knight-Ridder acquired State-Record Company with six daily   
newspapers in South Carolina and Mississippi. It later sold two of the          
newspapers. The company closed its Viewdata operation and sold the assets of    
TelAir Network, Inc. Newspaper advertising revenue increased 9.2% on a 0.5%     
gain in full-run ROP linage. Excluding the impact of a 46-day strike in         
Philadelphia in 1985, linage declined 1.2%, due to softness in Miami and        
various airline mergers.                                                        
Consistent with the company's experience, newspaper advertising,      
particularly retail and classified, mirrored the general state of the economy   
in 1984 and 1985. In 1985, newspaper advertising revenue increased 2.9% on a    
2.4% decline in full-run ROP linage. The linage decline resulted from the       
strike in Philadelphia and softness in Miami. Fueled by a strengthening         
economy in 1984, full-run advertising revenue was up 14.7% on a 4.6% increase   
in full-run linage.                                                             

A Look Ahead                                                                    
 We are optimistic for continued strong revenue growth for the company's
newspapers and for the BIS Division.                                            
The average price of newsprint for 1995 is expected to be at least 40%
higher than in 1994, and all of the company's operations are identifying and    
targeting new sources of revenue and ways to reduce other costs and operate     
more efficiently to help offset the increase.                                   
The company expects to continue its share repurchase program in 1995, 
should the share price continue to be the relative bargain we found it to be    
at the end of 1994. Share repurchases would increase debt and interest and      
have a slightly favorable impact on the company's earnings per share.           
The newsprint production companies that we partially own will show    
significant improvement in 1995 as a result of recent and expected newsprint    
price increases.                                                                

Recent Acquisitions/Investments                                                 
1994 - In January, the company acquired the assets of Technimetrics, a
leading publisher of investor information and business executives and global    
investment professional listings.                                               
 Also in January, Knight-Ridder Information, Inc., (KRII) entered into a
joint venture with Southam Electronic Publishing, creating a new archival       
information service called Infomart Dialog.                                     
  Effective April 1994, Knight-Ridder Financial purchased its former agent
in Germany, Real Time Information GmbH, today known as Knight-Ridder            
Financial-Germany (KRF Germany). KRF Germany is a real-time financial news      
and pricing provider.                                                           
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 In the second quarter, Journal of Commerce (JoC) formed a joint venture
partnership with American Systems, Inc., which specializes in the development   
of customer software solutions for the transportation industry. The joint       
venture, Transax Systems, provides tariff filings and retrieval products.       
At the end of the third quarter, KRII acquired the remaining shares of
Article Express International (AEI), a leading document delivery supplier.      
AEI is now a wholly owned subsidiary and is included in the operating results   
of the BIS Division.                                                            
JoC also purchased Gulf Shipper, a magazine responsible for the       
publication of shipping schedules.                                              

Capital Spending Program                                                        
The company's capital spending program includes normal replacements,  
productivity improvements, capacity increases, building construction and        
expansion, and printing press equipment. Over the past three years,             
expenditures have totaled $237.6 million for these items.                       
Construction of the 693,000-square-foot production facility in        
Philadelphia began in 1989. The $299.5 million plant became fully operational   
in 1993.                                                                        
Also included in capital expenditures is the Charlotte press project  
that began in 1994. The $35.0 million press expansion is expected to be         
completed during 1996, when the second of two new presses becomes               
operational. 1994 investment in our BIS Division included mainframe computer    
equipment enhancements of $3.6 million at Knight-Ridder Information, Inc.,      
and subscriber equipment purchases of $14.0 million at Knight-Ridder            
Financial.                                                                      

Financial Position and Liquidity                                                
1994 vs. 1993 During 1994, net cash provided by operating activities  
increased $39.1 million to $369.1 million. The increase was attributed to       
higher earnings and increased distributions from investees. The ratio of        
current assets to current liabilities was 1.0:1 at year end.                    
Cash and short-term investments were $9.3 million at the end of 1994, 
a $13.8 million decrease from last year.                                        
During 1994, the company repurchased 2.5 million of its shares in the 
open market for an aggregate price of $137.0 million.                           
In January 1994, $40.0 million in 9.05% notes payable matured. Total  
debt at year-end 1994 was $39.6 million less than in 1993. As a result, the     
total-debt-to-total-capital ratio improved from 26.6% in 1993 to 25.2% in       
1994. Standard & Poor's and Moody's rate the company's commercial paper A1+     
and P1 and long-term bonds AA- and A1, respectively.                            
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 Average outstanding commercial paper during the year was $101.0 million
with an average effective interest rate of 4.0%. At year-end 1994, commercial   
paper outstanding was $54.8 million and aggregate unused credit lines were      
$445.2 million.                                                                 
Various libel actions, environmental and other legal proceedings that 
have arisen in the ordinary course of business are pending against the          
company and its subsidiaries. In the opinion of management, the ultimate        
liability to the company and its subsidiaries as a result of these actions      
and proceedings will not be material.                                           
In early 1995, the company reached an agreement in principle with The 
Economist Group in London to sell the Journal of Commerce for $115 million.     
The sale is expected to be completed in April 1995. The after-tax proceeds of   
the sale will be utilized primarily for debt reduction and share repurchases.   

1993 vs. 1992 During 1993, net cash provided by operating activities  
decreased 2.5% from 1992 to $330.0 million. Cash and short-term cash            
investments were $23.0 million at year end, down $74.1 million from the prior   
year. The decrease in cash and short-term cash investments was due primarily    
to the acquisition of Data-Star and Equinet, the repurchase of treasury         
shares and the prepayment of debt.                                              
 During 1993, the company acquired 750,000 shares of its common stock in
the open market for an aggregate price of $40.7 million.                        
Approximately $100 million in notes payable, bearing 8.0% interest and
maturing in 1996, were early retired in April 1993. Total debt at year-end      
1993 was $109.2 million less than at year-end 1992. This resulted in a          
reduced total-debt-to-total-capital ratio of 26.6% from 32.2%.                  
Average outstanding commercial paper during the year was $97.4 million
with an average effective interest rate of 3.2%. At the end of 1993,            
commercial paper outstanding was $54.0 million.                                 

1992 vs. 1991 During 1992, net cash provided by continuing operations 
was $338.5 million, an increase of $32.5 million from 1991 due to investee      
distributions being less than investee earnings and net changes in working      
capital. Cash and short-term cash investments of $97.1 million were $70.9       
million more than the prior year.                                               
Net cash required for investing activities decreased $9.9 million, or 
5.1%, from 1991 levels, due to completion of the Philadelphia plant.            
Total debt declined $46.6 million from 1991 levels. This resulted in a
reduced total-debt-to-total-capital ratio from 34.6% to 32.2%. These ratios     
improved despite the FAS 106 and FAS 109 net cumulative charge of $105.2        
million.                                                                        
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Average outstanding commercial paper during the year was $54.6 million
with an average effective interest rate of 4.3%. At the end of 1992,            
commercial paper outstanding was $62.3 million.                                 

Effect of Changing Prices                                                       

The Consumer Price Index, a widely used measure of the impact of      
changing prices, has increased only moderately in recent years, up between 3%   
and 6% each year since 1983. Historically, when inflation was at higher         
levels, the impact on the company's operating costs was not significant.        
Historical cost depreciation charges may not accurately reflect the economic    
cost of replacing capital assets, but depreciation expense represents less      
than 5% of total operating costs. Newsprint expense represents a significant    
percentage of total costs, but it is a relatively current cost as inventory     
levels normally fluctuate between a 30- and 45-day supply. Labor and other      
operating costs are, by their very nature, current costs.                       
 The principal effect of inflation on the company's operating results is
to increase reported costs. Historically, the company has demonstrated the      
ability to raise sales prices to offset these cost increases.                   

                                                                [Download Table]

Operating Revenue                


Type                      Percent
-----                     -------
                                 
Newspaper Retail             30 %
Newspaper General             7 %
Newspaper Classified         23 %
Newspaper Circulation        18 %
Newspaper Other               3 %
BIS                          19 %


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                                                                [Download Table]
Operating Costs                       
(As a percentage of operating revenue)

Components                    Percent 
------------                  ------- 
                                      
Labor and Employee Benefits      41 % 
Newsprint, Ink and Suppleme      13 % 
Other Operating Costs            28 % 
Depreciation and Amortization     6 % 
Operating Income                 12 % 


                                                        [Enlarge/Download Table]

Newspaper Advertising Revenue                                                                
(In millions of dollars)                                                                     


  Year      General   Classified    Retail     Total                                         
  ----      -------   ----------    ------     -----                                         
                                                                                             
  1984          170        390        627       1,187                                        
  1985          170        412        639       1,221                                        
  1986          182        454        697       1,333                                        
  1987          186        527        751       1,464                                        
  1988          179        579        765       1,523                                        
  1989          187        594        796       1,577                                        
  1990          185        580        792       1,557                                        
  1991          173        498        759       1,430                                        
  1992          175        511        758       1,444                                        
  1993          169        547        766       1,482                                        
  1994          184        606        793       1,583                                        

Newspaper advertising revenue increased in all categories over 1993.                         
Classified revenue represented nearly half ($59.7 million) of the total advertising increase.


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Business Information Services Revenue                                
(In millions of dollars)                                             


  Year       Amount                                                  
 -----      -------                                                  
                                                                     
  1984           67                                                  
  1985           80                                                  
  1986           89                                                  
  1987           99                                                  
  1988          160                                                  
  1989          290                                                  
  1990          333                                                  
  1991          354                                                  
  1992          385                                                  
  1993          439                                                  
  1994          514                                                  

BIS revenue increased 17.2% over 1993, partially due to acquisitions.


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                                                                [Download Table]

Circulation Revenue                                             
(In millions of dollars)                                        


  Year       Amount                                             
 -----      -------                                             
                                                                
  1984          302                                             
  1985          313                                             
  1986          335                                             
  1987          358                                             
  1988          371                                             
  1989          385                                             
  1990          403                                             
  1991          439                                             
  1992          460                                             
  1993          474                                             
  1994          485                                             

Circulation revenue increased by 2.1% over 1993, due to pricing.


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Total Debt                                                                       
(In millions of dollars)                                                         


  Year       Amount                                                              
 -----      -------                                                              
                                                                                 
  1984           68                                                              
  1985          308                                                              
  1986          668                                                              
  1987          553                                                              
  1988        1,037                                                              
  1989          713                                                              
  1990          824                                                              
  1991          607                                                              
  1992          560                                                              
  1993          451                                                              
  1994          412                                                              

Total debt was reduced by $39.6 million as a result of strong internal cash flow.


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Stock Trading Volume                                 


  Year        Amount                                 
 -----     -----------                               
                                                     
  1984      15,790,900                               
  1985      18,547,800                               
  1986      25,206,600                               
  1987      35,042,800                               
  1988      27,201,300                               
  1989      23,269,400                               
  1990      18,186,000                               
  1991      24,749,100                               
  1992      24,915,500                               
  1993      29,768,600                               
  1994      32,102,600                               

Knight-Ridder stock trading volume rose 7.8% in 1994.


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                                                                [Download Table]

Stock Price History                                           


                     Stock Price                              
             ---------------------------                      
  Year        Low       Close       High                      
 -----       ------     ------     ------                     
                                                              
  1984       21 1/4     29 1/4         31                     
  1985           28     39 7/8     41 3/8                     
  1986       37 1/2     46 7/8     57 7/8                     
  1987       33 1/4     40 1/8     61 1/4                     
  1988       35 3/4     45 3/8     47 3/4                     
  1989       42 7/8     58 3/8     58 3/8                     
  1990           37     45 7/8         58                     
  1991       43 3/4     50 3/4     57 1/2                     
  1992       50 3/4     58 1/8     64 1/8                     
  1993       50 5/8     59 3/8         65                     
  1994        46 1/2    50 7/8         61                     

Knight-Ridder's stock price reached a high of $61 during 1994.


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Net Cash Provided By Operating Activities                           
(In millions of dollars)                                            


  Year       Amount                                                 
 -----      -------                                                 
                                                                    
  1984          194                                                 
  1985          204                                                 
  1986          265                                                 
  1987          269                                                 
  1988          230                                                 
  1989          280                                                 
  1990          325                                                 
  1991          306                                                 
  1992          338                                                 
  1993          330                                                 
  1994          369                                                 

Net cash provided by operating activities increased 11.9% from 1993.


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Shareholders' Equity                                                          
(In millions of dollars)                                                      


  Year      Amount                                                            
 -----     -------                                                            
                                                                              
  1984          922                                                           
  1985          697                                                           
  1986          816                                                           
  1987          901                                                           
  1988          822                                                           
  1989          917                                                           
  1990          895                                                           
  1991        1,149                                                           
  1992        1,182                                                           
  1993        1,243                                                           
  1994        1,225                                                           

Shareholders' equity decreased 1.5% to $1.225 billion due to the repurchase of
2.5 million of the company's shares.                                          


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Common Shareholders' Equity Per Share                      


  Year      Amount                                         
 -----      ------                                         
                                                           
  1984       $14.17                                        
  1985       $12.38                                        
  1986       $14.28                                        
  1987       $15.85                                        
  1988       $15.47                                        
  1989       $17.83                                        
  1990       $18.09                                        
  1991       $21.44                                        
  1992       $21.50                                        
  1993       $22.67                                        
  1994       $23.15                                        

Shareholders' equity per share increased by 2.1% over 1993.

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                                                        [Enlarge/Download Table]

% Earned On Invested Capital                                                          
(Return on Average Shareholders' Equity)                                              
(1992 excludes the cumulative effect of changes in accounting principles)             

                                                                             Including
           Continuing   Discontinued                                                  
  Year     Operations    Operations                                                   
 -----     ----------     ---------                                                   
                                                                                      
  1984         15.2 %       16.3 %                                                    
  1985         15.4 %       16.4 %                                                    
  1986         17.5 %       18.5 %                                                    
  1987         17.3 %       18.1 %                                                    
  1988         17.0 %       18.2 %                                                    
  1989         20.7 %       28.4 %                                                    
  1990         16.5 %       16.5 %                                                    
  1991         12.9 %       12.9 %                                                    
  1992         12.5 %       12.5 %                                                    
  1993         12.2 %       12.2 %                                                    
  1994         13.9 %       13.9 %                                                    

Return on average shareholders' equity was 13.9% in 1994 from 12.2% in 1993.          

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ITEM 8.     Financial statements and supplementary data                         
-------------------------------------------             
See Quarterly Operations in Item 5                      

                                                        [Enlarge/Download Table]

Consolidated  Balance  Sheet                                                                               
(In  thousands  of  dollars,  except  share  data)                                                         
                                                                           Dec. 25     Dec. 26     Dec. 27 
                                                                             1994        1993        1992  
                                                                          ---------   ---------   ---------
                                                                                                           
ASSETS                                                                                                     
CURRENT ASSETS                                                                                             
  Cash,  including  short-term  cash  investments  of  $150                                                
    in  1994,  $7,638  in  1993  and  $87,758  in 1992 ............... $      9,253  $   23,012  $   97,104
  Accounts  receivable,  net  of  allowances  of  $13,728  in                                              
    1994,  $14,554  in  1993  and  $14,450  in  1992..................      317,687     274,391     262,541
  Inventories.........................................................       39,555      41,422      37,474
  Other  current  assets..............................................       56,309      62,491      63,654
                                                                          ---------   ---------   ---------
      Total  Current  Assets..........................................      422,804     401,316     460,773
                                                                          ---------   ---------   ---------
INVESTMENTS  AND  OTHER  ASSETS                                                                            
  Equity  in  unconsolidated  companies  and  joint ventures .........      293,205     289,986     277,193
  Other...............................................................      190,515     175,058     145,008
                                                                          ---------   ---------   ---------
      Total  Investments  and  Other  Assets..........................      483,720     465,044     422,201
                                                                          ---------   ---------   ---------

PROPERTY,  PLANT  AND  EQUIPMENT                                                                           
  Land  and  improvements.............................................       66,950      66,885      62,638
  Buildings  and  improvements........................................      383,696     379,556     372,021
  Equipment...........................................................    1,209,360   1,168,054   1,053,364
  Construction  and  equipment  installations  in progress............       17,099      13,100      91,225
                                                                          ---------   ---------   ---------
                                                                          1,677,105   1,627,595   1,579,248
    Less  accumulated  depreciation...................................      844,593     766,474     697,507
                                                                          ---------   ---------   ---------
      Net  Property,  Plant  and  Equipment...........................      832,512     861,121     881,741
                                                                          ---------   ---------   ---------
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EXCESS  OF  COST  OVER  NET  ASSETS  ACQUIRED                                                              
  Less  accumulated  amortization  of  $182,402  in  1994,                                                 
    $160,545  in  1993  and  $140,791  in  1992.......................      708,153     703,951     693,344
                                                                          ---------   ---------   ---------
      Total........................................................... $  2,447,189  $2,431,432  $2,458,059
                                                                          =========   =========   =========
Liabilities  and  Shareholders'  Equity                                                                    
CURRENT LIABILITIES                                                                                        
  Accounts  payable................................................... $    136,817  $  124,620  $  109,317
  Accrued  expenses  and  other  liabilities..........................       98,993      82,149      75,563
  Accrued  compensation  and  amounts  withheld  from employees.......       96,917      79,736      80,297
  Federal  and  state  income  taxes..................................        1,368          10       1,286
  Deferred  revenue...................................................       66,953      60,095      55,099
  Dividends  payable..................................................       19,593      19,199      19,238
  Short-term  borrowings  and  current  portion  of long term debt....            0      40,687      64,304
                                                                          ---------   ---------   ---------
      Total  Current  Liabilities.....................................      420,641     406,496     405,104
                                                                          ---------   ---------   ---------
NON-CURRENT LIABILITIES                                                                                    
    Long-term debt....................................................      411,504     410,388     495,941
    Deferred federal and state income taxes...........................      138,611     135,979     114,199
    Postretirement benefits other than pensions.......................      166,682     174,331     172,763
    Employment benefits and other non-current liabilities.............       84,264      57,816      85,395
                                                                          ---------   ---------   ---------
        Total Non-Current Liabilities.................................      801,061     778,514     868,298
                                                                          ---------   ---------   ---------
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES.......................          833       3,253       2,845
                                                                          ---------   ---------   ---------
COMMITMENTS AND CONTINGENCIES - (NOTE J)                                                                   

SHAREHOLDERS' EQUITY                                                                                       
    Common Stock, $.02 1/12 par value; shares authorized -                                                 
    250,000,000; shares issued - 52,892,720  in  1994,                                                     
    54,847,486  in 1993 , and 54,965,671 in 1992......................        1,102       1,143       1,145
    Additional capital................................................      326,392     342,201     321,034
    Retained earnings.................................................      897,160     899,825     859,633
                                                                          ---------   ---------   ---------
        Total Shareholders' Equity....................................    1,224,654   1,243,169   1,181,812
                                                                          ---------   ---------   ---------
        Total......................................................... $  2,447,189  $2,431,432  $2,458,059
                                                                          =========   =========   =========
See  "Notes  to  Consolidated  Financial  Statements."                                                     
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Consolidated  Statement  Of  Income                                                                                  
(In  thousands  of  dollars,  except  per  share  data)                                                              

                                                                                    Year Ended                       
                                                                 --------------------------------------------------- 
                                                                  Dec. 25              Dec. 26              Dec. 27  
                                                                    1994                 1993                 1992   
                                                                 ---------            ---------            --------- 
                                                                                                                     
OPERATING  REVENUE                                                                                                   
  Newspapers                                                                                                         
    Advertising                                                                                                      
      Retail.............................................     $    792,476      $       766,105      $       758,496 
      General............................................          184,469              168,773              174,750 
      Classified.........................................          606,428              546,753              510,898 
                                                                 ---------            ---------            --------- 
        Total............................................        1,583,373            1,481,631            1,444,144 
    Circulation..........................................          484,581              474,420              460,014 
    Other................................................           66,968               56,772               39,932 
                                                                 ---------            ---------            --------- 
        Total  Newspapers................................        2,134,922            2,012,823            1,944,090 
  Business  Information  Services........................          514,039              438,525              385,439 
                                                                 ---------            ---------            --------- 
        Total  Operating  Revenue........................        2,648,961            2,451,348            2,329,529 
                                                                 ---------            ---------            --------- 

OPERATING  COSTS                                                                                                     
  Labor  and  employee  benefits.........................        1,089,417            1,024,181              990,254 
  Newsprint,  ink  and  supplements......................          335,902              335,043              316,814 
  Other  operating  costs................................          743,054              665,509              615,729 
  Depreciation  and  amortization........................          149,327              141,758              128,221 
                                                                 ---------            ---------            --------- 
        Total  Operating  Costs..........................        2,317,700            2,166,491            2,051,018 
                                                                 ---------            ---------            --------- 
OPERATING  INCOME........................................          331,261              284,857              278,511 
                                                                 ---------            ---------            --------- 
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OTHER  INCOME  (EXPENSE)                                                                                             
  Interest  expense......................................          (44,585)             (45,112)             (52,375)
  Interest  expense  capitalized.........................              474                  120               14,746 
  Interest  income.......................................            6,070                5,712                5,078 
  Equity in earnings of unconsolidated companies                                                                     
        and joint ventures...............................            7,412                7,254                3,940 
  Minority interests in earnings                                                                                     
        of consolidated subsidiaries.....................           (9,650)              (9,863)              (9,795)
  Other,  net............................................             (912)                 433                 (389)
                                                                 ---------            ---------            --------- 
        Total............................................          (41,191)             (41,456)             (38,795)
                                                                 ---------            ---------            --------- 
Income  before  income  taxes............................          290,070              243,401              239,716 
Income  taxes............................................          119,170               95,312               93,630 
                                                                 ---------            ---------            --------- 

  INCOME BEFORE CUMULATIVE EFFECT                                                                                    
    OF CHANGES IN ACCOUNTING PRINCIPLES..................          170,900              148,089              146,086 

  Cumulative effect of changes in accounting principles for:                                                         
      Income taxes.......................................                                                     25,800 
      Postretirement benefits other than pensions........                                                   (131,000)
                                                                 ---------            ---------            --------- 
      Net income.........................................     $    170,900      $       148,089      $        40,886 
                                                                 =========            =========            ========= 

  EARNINGS PER COMMON AND COMMON AND COMMON EQUIVALENT SHARE                                                         
      Income before cumulative effect of changes                                                                     
        in accounting principles.........................     $       3.15      $          2.68      $          2.65 
      Cumulative effect of changes in                                                                                
        accounting principles............................                                                      (1.91)
                                                                 ---------            ---------            --------- 

      Net income.........................................     $       3.15      $          2.68      $          0.74 
                                                                 =========            =========            ========= 

AVERAGE  COMMON  AND  COMMON  EQUIVALENT                                                                             
  SHARES  OUTSTANDING (In 000s)..........................           54,275               55,332               55,178 
                                                                 =========            =========            ========= 
See  "Notes  to  Consolidated  Financial  Statements".                                                               
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Consolidated Statement of Cash Flows                                                                        
(In thousands of dollars)                                                                                   

                                                                                Year Ended                  
                                                                     --------------------------------       
                                                                      Dec. 25     Dec. 26     Dec. 27       
                                                                       1994        1993        1992         
                                                                     --------    --------    --------       
                                                                                                            
CASH PROVIDED BY (REQUIRED FOR) OPERATING ACTIVITIES                                                        
    Net income.................................................... $  170,900  $  148,089  $   40,886       
    Non-cash items included in income:                                                                      
        Cumulative effect of changes in accounting principles.....                            105,200       
        Depreciation..............................................    105,776     104,314      93,838       
        Amortization of excess of cost over net assets acquired...     21,857      19,754      18,892       
        Amortization of other assets..............................     21,694      17,690      15,491       
        Provision for non-current deferred taxes..................      2,632      21,780      20,498       
        Earnings of investees in excess of distributions..........     (7,538)    (22,802)    (13,996)      
        Other items, net..........................................     44,697      29,584      26,708       
    Change in certain assets and liabilities:                                                               
        Accounts receivable.......................................    (41,135)     (3,377)    (15,323)      
        Inventories...............................................      1,867      (3,801)      5,065       
        Other current assets......................................      2,104       3,086     (13,082)      
        Accounts payable..........................................     11,099       7,197      36,546       
        Federal and state income taxes............................      1,358       3,542         195       
        Other current liabilities.................................     33,803       4,947      17,541       
                                                                     --------    --------    --------       
                Net cash provided by operating activities.........    369,114     330,003     338,459       
                                                                     --------    --------    --------       
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CASH REQUIRED FOR INVESTING ACTIVITIES                                                                      
    Additions to property, plant and equipment....................    (67,110)    (69,541)   (100,993)      
    Other items, net..............................................    (61,013)    (81,046)    (82,010)      
                                                                     --------    --------    --------       
                Net cash required for investing activities........   (128,123)   (150,587)   (183,003)      
                                                                     --------    --------    --------       

CASH PROVIDED BY (REQUIRED FOR) FINANCING ACTIVITIES                                                        
    Proceeds from sale of commercial paper and bank borrowings....    375,308     307,983     157,900       
    Reduction of total debt.......................................   (414,879)   (417,153)   (204,495)      
                                                                     --------    --------    --------       
                Net reduction in total debt.......................    (39,571)   (109,170)    (46,595)      
    Payment of cash dividends.....................................    (77,942)    (76,787)    (75,992)      
    Sale of common stock to employees.............................     25,897      30,709      68,785       
    Purchase of treasury stock....................................   (136,977)    (40,693)                  
    Other items, net..............................................    (26,157)    (57,567)    (30,794)      
                                                                     --------    --------    --------       
                Net cash required for financing activities........   (254,750)   (253,508)    (84,596)      
                                                                     --------    --------    --------       
                    Net Increase (Decrease) in Cash...............    (13,759)    (74,092)     70,860       
Cash and short-term cash investments at beginning of the year.....     23,012      97,104      26,244       
                                                                     --------    --------    --------       
Cash and short-term cash investments at end of the year........... $    9,253  $   23,012  $   97,104       
                                                                     ========    ========    ========       
Working capital at end of the year................................ $    2,163  $   (5,180) $   55,669       
                                                                     ========    ========    ========       

See "Notes to Consolidated Financial Statements."                                                           

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Consolidated Statement of Shareholders' Equity                                                                             
(In thousands of dollars, except share data)                                                                               

                                                          Common                                                           
                                                          Shares         Common       Additional      Retained    Treasury 
                                                        Outstanding       Stock         Capital       Earnings      Stock  
                                                        ----------      ----------    ----------     ----------   -------- 
                                                                                                                           
BALANCES AT DEC. 29, 1991.............................  53,571,282   $      1,116   $    252,278   $    895,226   $    -   
     Issuance of common shares under                                                                                       
         stock option plans...........................   1,155,062             24         49,503                           
     Issuance of common shares under                                                                                       
         stock purchase plan..........................     240,022              5         12,154                           
     Tender of shares as payment                                                                                           
         for options excercised.......................        (695)                          (40)                          
     Tax benefits arising from employee stock plans...                                     7,139                           
     Net income.......................................                                                   40,886            
     Cash dividends declared on                                                                                            
         common stock - $1.40 per share...............                                                  (76,479)           
                                                        ----------      ----------    ----------     ----------   -------- 
BALANCES AT DEC. 27, 1992.............................  54,965,671   $      1,145   $    321,034   $    859,633   $    -   
     Issuance of common shares under                                                                                       
         stock option plans............................    323,894              7         12,883                           
     Issuance of treasury shares under                                                                                     
         stock option plans............................     29,670                          (525)                   (1,612)
     Issuance of common shares under                                                                                       
         stock purchase plan...........................    207,223              4         10,078                           
     Issuance of treasury shares under                                                                                     
         stock purchase plans..........................     71,028                          (596)                   (4,007)
     Purchase of treasury shares ......................   (750,000)                                                 40,693 
     Retirement of 649,302 treasury shares ............                       (13)        (3,912)       (31,148)   (35,074)
     Tax benefits arising from employee stock plans....                                    3,239                           
     Net income........................................                                                 148,089            
     Cash dividend declared on                                                                                             
         common stock - $1.40 per share................                                                 (76,749)           
                                                        ----------      ----------    ----------     ----------   -------- 
BALANCES AT DEC. 26, 1993.............................. 54,847,486   $      1,143   $    342,201   $    899,825   $   -    
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     Issuance of common shares under                                                                                       
         stock option plans............................     29,600                         1,104                           
     Issuance of treasury shares under                                                                                     
         stock option plans............................    227,811                        (3,562)                  (12,571)
     Issuance of treasury shares under                                                                                     
         stock purchase plan ..........................    310,123                        (2,767)                  (16,835)
     Purchase of treasury shares ...................... (2,522,300)                                                136,977 
     Retirement of 1,984,366 treasury shares ..........                       (41)       (12,300)       (95,229)  (107,571)
     Tax benefits arising from employee stock plans....                                    1,716                           
     Net income.......................................                                                  170,900            
     Cash dividend declared on                                                                                             
         common stock - $1.46 per share................                                                 (78,336)           
                                                        ----------      ----------    ----------     ----------   -------- 
BALANCES AT DEC. 25, 1994.............................. 52,892,720   $      1,102   $    326,392   $    897,160   $   -    
                                                        ==========      ==========    ==========     ==========   ======== 
See "Notes to Consolidated Financial Statements."                                                                          

Notes to Consolidated Financial Statements                                      

Note A                                                                          
Summary of Significant Accounting Policies                                      

 A description of the company's business and the nature and scope of its
operations are set forth in items 1 & 2. Reading this information is            
recommended for a more complete understanding of the financial statements.      
The company reports on a fiscal year, ending the last Sunday in the   
calendar year. Results for 1994, 1993 and 1992 are for the 52 weeks ended       
Dec. 25, Dec. 26 and Dec. 27, respectively.                                     
The basis of consolidation is to include in the consolidated financial
statements all the accounts of Knight-Ridder, Inc., and its                     
more-than-50%-owned subsidiaries. All significant intercompany transactions     
and account balances have been eliminated in consolidation.                     
The company is a 50% partner in the Detroit Newspaper Agency (DNA), a 
joint operating agency between Detroit Free Press, Inc., a wholly owned         
subsidiary of Knight-Ridder, Inc., and The Detroit News, Inc., a wholly owned   
subsidiary of Gannett Co., Inc. The Consolidated Statement of Income includes   
on a line-by-line basis the company's pro rata share of the revenue and         
expense generated by the operation of the agency.                               
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Investments in companies in which Knight-Ridder, Inc., has an equity  
interest of at least 20% but not more than 50% are accounted for under the      
equity method. Under this method, the company records its share of earnings     
as income and increases the investment by the equivalent amount. Dividends      
are recorded as a reduction in the investment. All other investments are        
recorded at the lower of cost or net realizable value, and the company          
recognizes income from such investments upon receipt of a dividend.             
The investment caption "Equity in unconsolidated companies and joint  
ventures" in the Consolidated Balance Sheet represents the company's equity     
in the net assets of the Detroit Newspaper Agency, the Seattle Times Company    
and subsidiaries, a company responsible for the sales and services of           
general, retail and classified advertising accounts for a group of              
newspapers, two newsprint mill partnerships, a cable television joint venture   
and a joint venture that offers full-service copies of original journal         
articles. The company owns 49-1/2% of the voting common stock and 65% of the    
nonvoting common stock of the Seattle Times Company, owns 33-1/3% of the        
voting stock of Newspapers First, is a one-third partner in the Southeast       
Paper Manufacturing Co., owns a 13-1/2% equity share of Ponderay Newsprint      
Company, and jointly owns TKR Cable Company and TKR Cable Partners. Effective   
December 1992, after a restructuring, the company has a 15% interest in         
TCI/TKR Limited Partnership through TKR Cable Partners. Prior to December       
1992, the company held a 7-1/2% interest in SCI Holdings, Inc., the holding     
company for Storer Communications, Inc. Knight-Ridder Information, Inc., a      
Knight-Ridder subsidiary, in October 1994 acquired additional shares of         
Article Express International, Inc. (AEI), in which it previously held a        
minority ownership, resulting in AEI becoming a wholly owned subsidiary. The    
impact is not material. The investment in unconsolidated companies and joint    
ventures at Dec. 25, 1994, includes $68.4 million representing the company's    
share of undistributed earnings (excluding the DNA) accumulated since the       
investment dates. The company's share of the earnings of the unconsolidated     
companies (except for the DNA) of $7.4 million in 1994, $7.3 million in 1993    
and $3.9 million in 1992 is included in the caption "Equity in earnings of      
unconsolidated companies and joint ventures" in the Consolidated Statement of   
Income. Dividends and cash distributions received from the unconsolidated       
companies and joint ventures (excluding the DNA) were $3.1 million in 1994,     
$3.0 million in 1993 and $2.8 million in 1992 and were offset against the       
investment account.                                                             
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Fort Wayne Newspapers, Inc., Infomart Dialog and Transax Systems are
the only consolidated subsidiaries and joint ventures that have a minority      
ownership interest. The minority shareholder's interest in the net income of    
these subsidiaries has been provided for as an expense in the Consolidated      
Statement of Income in the caption "Minority interests in earnings of           
consolidated subsidiaries."  Also included in this caption is a contractual     
minority interest resulting from a Joint Operating Agreement between Miami      
Herald Publishing Co. and Cox Newspapers. The company's liability to the        
minority interest shareholders is included in the Consolidated Balance Sheet    
caption, "Minority Interests in Consolidated Subsidiaries."                     
"Cash and short-term cash investments" includes currency and checks on
hand, demand deposits at commercial banks, overnight repurchase agreements of   
government securities and investment-grade commercial paper with maturities     
of fewer than 90 days. Cash and short-term investments are recorded at cost.    
Due to the short-term nature of marketable securities, cost approximates        
market value. In 1994, the company adopted Statement of Financial Accounting    
Standards (FAS) 115, Accounting for Certain Investments in Debt and Equity      
Securities, the impact of which was not material.                               
 "Inventories" are priced at the lower of cost (first-in, first-out FIFO
method), or market. Most of the inventory is newsprint, ink and other           
supplies used in printing newspapers.                                           
"Property, plant and equipment" is recorded at cost and the provision 
for depreciation for financial statement purposes is computed principally by    
the straight-line method over the estimated useful lives of the assets. The     
company capitalizes interest expense as part of the cost of major               
construction projects.                                                          
  "Excess of cost over net assets acquired" arises from the purchase of at
least a 50% interest in a company for a price higher than the fair market       
value of the net tangible assets. Intangible assets of this type arising from   
acquisitions accounted for as purchases and occurring subsequent to Oct. 31,    
1970, totaled approximately $799.5 million at Dec. 25, 1994. They are           
generally being amortized over a 40-year period on a straight-line basis,       
unless management has concluded a shorter term is more appropriate. If, in      
the opinion of management, an impairment in value occurs, based on the          
undiscounted cash flow method, any necessary additional write-downs will be     
charged to expense.                                                             
"Deferred revenue" arises as a normal part of business from advance   
subscription payments for newspapers and business information services.         
Revenue is recognized in the period in which it is earned.                      
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"Short-term borrowings" represents the carrying amounts of commercial 
paper and other short-term borrowings that approximate fair value. "Long-term   
debt" represents the carrying amounts of debentures and notes payable. Fair     
values, disclosed in Note C, are estimated using discounted cash flow           
analyses based on the company's current incremental borrowing rates for         
similar types of borrowing arrangements.                                        
In 1992, the company adopted FAS 106, Accounting For Postretirement   
Benefits Other Than Pensions, and FAS 109, Accounting For Income Taxes. The     
effects of adoption are described in Notes I and B, respectively. In 1994,      
the company adopted FAS 112, Employers' Accounting for Postemployment           
Benefits. The adoption of FAS 112 did not materially impact the consolidated    
financial statements. In 1995, the company plans to adopt FAS 116, Accounting   
For Contributions Received and Contributions Made. The impact on the            
consolidated financial statements will not be material.                         
Earnings per share is computed by dividing net income by the weighted 
average number of common and common equivalent shares outstanding. Quarterly    
earnings per share may not add to the total for the year, since each quarter    
and the year are calculated separately based on average outstanding shares      
during the period.                                                              
Certain amounts in 1993 and 1992 have been reclassified to conform to 
the 1994 presentation.                                                          

Note B                                                                          
Income Taxes                                                                    
The company's income tax expense is determined under the provisions of
Statement of Financial Accounting Standards 109, Accounting for Income Taxes,   
which was adopted in 1992. This accounting standard requires the use of the     
liability method in adjusting previously deferred taxes for changes in tax      
rates. The company chose to reflect the cumulative effect of adopting this      
standard as a change in accounting principle as of the beginning of 1992. The   
adoption resulted in a credit to earnings of $25.8 million. Prior years'        
financial statements were not restated.                                         
Substantially all of the company's earnings are subject to domestic   
taxation. No material foreign income taxes have been imposed on reported        
earnings.                                                                       
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Note B - Income Taxes                                                                                                      
Federal, state and local income taxes before cumulative effect of changes in accounting principles consist of the following
(in thousands):                                                                                                            


                                               1994                        1993                      1992                  
                                       ----------------------      ---------------------     --------------------          
                                       Current       Deferred      Current     Deferred     Current     Deferred           
                                       --------      --------      --------    --------     --------    --------           
                                                                                                                           
Federal income taxes................    $97,824        $2,501       $53,422     $38,231      $65,968     $11,725           
State and local income taxes........     18,791            54        11,702      (8,043)      12,936       3,001           
                                       --------      --------      --------    --------     --------    --------           
     Total..........................   $116,615        $2,555       $65,124     $30,188      $78,904     $14,726           
                                       ========      ========      ========    ========     ========    ========           

Cash payments of income taxes for the years 1994, 1993 and 1992 were $104.5     
million, $82.7 million and $60.2 million, respectively. Payments in 1993        
include the payment and settlement of prior year state and federal income tax   
examinations.                                                                   
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Effective Income Tax Rates                                                                                                     
The differences between income tax expense shown in the financial statements and the amounts determined by applying the federal
statutory rate of 35% in 1994 and 1993 and 34% in 1992 are as follows (in thousands):                                          

                                                                                             1994         1993        1992     
                                                                                            -------     -------     -------    
                                                                                                                               
Federal statutory income tax ..........................................................    $101,525     $85,190     $81,505    
State and local income taxes, net of federal benefit...................................      12,249      10,913      10,518    
Statutory rate applied to nondeductible amortization                                                                           
  of the excess of cost over net assets acquired.......................................       7,650       6,914       6,418    
Change in deferred tax asset valuation allowance.......................................                  (6,695)               
Other items, net.......................................................................      (2,254)     (1,010)     (4,811)   
                                                                                            -------     -------     -------    
     Total.............................................................................    $119,170     $95,312     $93,630    
                                                                                           ========     =======     =======    

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     The deferred tax asset and liability at the fiscal year end is comprised of
the following components (in thousands):                                        

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                                                                                1994       1993        1992  
                                                                              --------   --------    --------
                                                                                                             
Deferred Tax Assets                                                                                          
Postretirement benefits other than pensions (including amounts                                               
  relating to partnerships in which the company participates)............... $  84,833  $  87,199  $   82,971
Compensation and benefit accruals...........................................    17,130     11,238      19,182
Accrued interest............................................................     5,135      3,439       8,563
Other nondeductible accruals................................................    28,127     33,900      10,027
                                                                               -------    -------     -------
  Gross deferred tax assets................................................. $ 135,225  $ 135,776  $  120,743
                                                                               =======    =======     =======

Deferred Tax Liability                                                                                       
Depreciation and Amortization............................................... $ 173,500  $ 147,115  $  132,413
Equity in partnerships and investees........................................    46,715     49,141      37,516
Deferred intercompany transactions..........................................    16,343     17,054      16,617
Research and experimental expenditures......................................     9,379      6,145       4,468
Other.......................................................................     5,412     29,890      13,110
                                                                               -------    -------     -------
  Gross deferred tax liability.............................................. $ 251,349  $ 249,345   $ 204,124
                                                                               -------    -------     -------
  Net deferred tax liability................................................ $ 116,124  $ 113,569   $  83,381
                                                                               =======    =======     =======

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     The components of deferred taxes included in the Consolidated Balance Sheet
are as follows (in thousands):                                                  

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                                                                [Download Table]

                                         1994          1993          1992   
                                       --------      --------      -------- 
                                                                            
Current asset.......................    $22,487       $22,410        30,818 
Non-current liability...............   (138,611)     (135,979)     (114,199)
                                       --------      --------      -------- 
Net deferred tax liability..........  $(116,124)    $(113,569)    $ (83,381)
                                       ========      ========      ======== 

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Note  C - Debt                                                                                                            
Debt consisted of the following (in thousands):                                                                           

                                                                                       Dec. 25     Dec. 26    Dec. 27     
                                                                                         1994       1993       1992       
                                                                                       -------     -------    -------     
                                                                                                                          
Commercial paper due at various dates through Jan. 20, 1995                                                               
   at an effective interest rate of 6.13% as of Dec. 25, 1994.                                                            
   Amounts are net of unamortized discounts of $136 in 1994,                                                              
   $15 in 1993 and $74 in 1992 (a)............................................       $   54,764 $   53,985  $  62,326     
Debentures due on April 15, 2009, bearing interest at 9 7/8%,                                                             
   net of unamortized discount of $2,363 in 1994, $2,528 in 1993,                                                         
   and $2,693 in 1992.........................................................          197,637    197,472    197,307     
Notes payable on April 15, 1996, bearing interest at 8%,                                                                  
   retired in April 1993, net of unamortized discount of $338                                                             
   in 1992....................................................................                                 99,662     
Notes payable on Jan. 15, 1994, bearing interest at 9.05%,                                                                
   retired in January 1994, net of unamortized discount                                                                   
   of $1 in 1993 and $35 in 1992..............................................                      39,999     39,965     
Notes payable, bearing interest at 8 1/2%, subject to                                                                     
   mandatory pro rata amortization of 25% annually commencing Sept. 1, 1998                                               
   through maturity on Sept. 1, 2001, net of unamortized discount of $897                                                 
   in 1994, $1,069 in 1993, $1,240 in 1992....................................          159,103    158,931    158,760     
Other indebtedness............................................................                         688      2,225     
                                                                                        -------    -------    -------     
                                                                                        411,504    451,075    560,245     
Less amounts payable in one year (b)..........................................                      40,687     64,304     
                                                                                        -------    -------    -------     
     Total long-term debt.....................................................        $ 411,504 $  410,388 $  495,941     
                                                                                        =======    =======    =======     

(a)  Commercial paper is backed by $500.0 million of revolving credit agreements, which require no principal payment until
maturity on April 9, 1998.                                                                                                
(b)  The revolving credit and term loan agreements backing commercial paper is "long-term" in that no principal           
repayments are required during the next 12 months.  As such, approximately $54.8 million of commercial paper is           
classified as "noncurrent" since the company intends to maintain total outstanding commercial paper of at least           
this amount during the next 12 months.                                                                                    

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   Interest payments during 1994, 1993 and 1992 were $40.2 million, $41.2 million and $52.7 million, respectively.        


     The following table presents the approximate annual maturities of long-term
debt for the five years after 1994 (in thousands):                            

                                                                [Download Table]
                                                 

1995                                   $        -
1996                                            -
1997                                            -
1998                                       94,540
1999                                       39,776
2000 and thereafter                       277,188
                                          -------
                                       $  411,504
                                          =======

The carrying amounts and fair values of debt as of                              
Dec. 25, 1994, are as follows (in thousands):                                   

                                                                [Download Table]


                                         Carrying     Fair  
                                          Amount      Value 
                                          -------    -------
                                                            
Commercial paper                       $   54,764 $   54,764
9 7/8 % Debentures                        197,637    219,160
8 1/2 % Notes payable                     159,103    160,848
                                          -------    -------
     Total                             $  411,504 $  434,772
                                          =======    =======

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Note D -  Unconsolidated Companies and Joint Ventures                           

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                                                        [Enlarge/Download Table]

Summary financial information for the company's unconsolidated companies and joint ventures that are accounted
for by the equity method is as follows (in thousands):                                                        


                                                                     1994          1993          1992         
                                                                   ---------     ---------     ---------      
                                                                                                              
Current assets.................................................  $   206,128   $   202,397   $   191,966      
Property, plant and equipment and other assets.................    1,619,548     1,647,083     1,656,851      
Current liabilities............................................      199,975       180,891       148,060      
Long-term debt and other noncurrent liabilities................      905,039       961,488     1,016,957      
Net sales......................................................      682,175       656,311       638,328      
Gross profit...................................................      147,842       118,050       185,554      
Net loss.......................................................      (15,705)      (22,096)      (29,909)     
Company's share of:                                                                                           
    Net assets.................................................      293,205       289,986       277,193      
    Net income.................................................  $     7,412   $     7,254   $     3,940      


At the end of the third quarter 1994, the company purchased the       
remaining shares of Article Express International (AEI). As a wholly owned      
subsidiary, AEI's 1994 financial information is reported in the consolidated    
financial statements and is excluded from above except for the company's        
share of AEI's net income prior to acquisition.                                 
In 1989, the Detroit Free Press and The Detroit News began operating  
under a joint operating agreement as the Detroit Newspaper Agency (DNA).        
Balance sheet amounts for the DNA at Dec. 25, 1994, Dec. 26, 1993, and Dec.     
27, 1992, are included above and the net assets contributed to the DNA are      
included in "Equity in unconsolidated companies and joint ventures" in the      
Consolidated Balance Sheet.                                                     
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Note E                                                                          
Capital Stock                                                                   

 In 1991, shareholders authorized 20.0 million shares of preferred stock
for future issuance. Common stock authorized for issuance is 250.0 million      
shares at par value $.02-1/12 per share.                                        
 The Employees Stock Purchase Plan provides for the sale of common stock
to employees of the company and its subsidiaries at a price equal to 85% of     
the market value at the end of each purchase period. Participants under the     
plan received 310,123 shares in 1994, 278,251 shares in 1993 and 240,022        
shares in 1992. The purchase price of shares issued in 1994 under this plan     
ranged between $41.23 and $48.72, and the market value on the purchase dates    
of such shares ranged from $48.50 to $57.31.                                    
  The Employee Stock Option Plan provides for the issuance of nonqualified
stock options and incentive stock options. Options are issued at prices not     
less than market value at date of grant and until 1994 were exercisable at      
issue date. Options granted in 1994 are exercisable in three equal              
installments vesting over a three-year period from the date of grant. There     
is no expiration date for the granting of options, but options must expire no   
later than 10 years from the date of grant. The option plan provides for the    
discretionary grant of stock appreciation rights (SARs) in tandem with          
previously granted options, which allow a holder to receive in cash, stock or   
combinations thereof the difference between the exercise price and the fair     
market value of the stock at date of exercise. The value of stock               
appreciation rights is charged to compensation expense. When options and        
stock appreciation rights are granted in tandem, the exercise of one cancels    
the exercise right of the other.                                                
Proceeds from the issuance of shares under these plans are included in
shareholders' equity and do not affect income.                                  
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Transactions under the Employee Stock Option Plan are summarized as follows:    

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                                                                [Download Table]


                                                             Number      Average 
                                                               of         Price  
                                                             Shares     Per Share
                                                            ---------   ---------
                                                                                 
Outstanding                                                                      
    Dec. 29, 1991.........................................  3,933,529     $44.61 
        Exercised......................................... (1,155,062)     42.74 
        Canceled..........................................    (11,800)     48.49 
        Granted...........................................    714,295      58.60 
                                                            ---------            
Outstanding                                                                      
    Dec. 27, 1992.........................................  3,480,962      48.09 
        Exercised.........................................   (353,564)     39.47 
        Canceled..........................................       (900)     58.63 
        Granted...........................................    739,925      58.88 
                                                            ---------            
Outstanding                                                                      
    Dec. 26, 1993.........................................  3,866,423      50.94 
        Exercised.........................................   (257,411)     39.10 
        Canceled..........................................     (6,100)     55.57 
        Granted...........................................    720,450      49.24 
                                                            ---------            
Outstanding                                                                      
    Dec. 25, 1994.........................................  4,323,362     $51.36 
                                                            =========            

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The exercise price of the shares issued upon exercise of stock options
in 1994 ranged between $28.75 and $58.63.                                       
  In 1993, shareholders voted in favor of a proposal amending the Employee
Stock Option Plan to make an additional 3.5 million shares of the company's     
common stock available for options. In addition, shareholders voted in favor    
of an amendment to make 1.5 million shares of common stock available for        
purchase under the Employees Stock Purchase Plan.                               
 At Dec. 25, 1994, shares of the companys authorized but unissued common
stock were reserved for issuance as follows:                                    

Shares  
--------- 
Employee stock option plans        2,855,468                                    
Employees stock purchase plan      1,430,966                                    
--------- 
Total                           4,286,434                                 
========= 

Since 1984, the company has purchased 23.7 million shares of its own  
stock for approximately $1.0 billion. See Treasury Stock Purchases in Item 5.   
Each holder of a common share has been granted a right, under certain           
conditions, to purchase from the company one common share at a price of $200,   
subject to adjustment. The rights provide that in the event the company is a    
surviving corporation in a merger, each holder of a right will be entitled to   
receive common shares having a value equal to two times the exercise price of   
the right. In the event the company engages in a merger or other business       
combination transaction in which the company is not the surviving               
corporation, the rights agreement provides that proper provision shall be       
made so that each holder of a right will be entitled to receive common stock    
of the acquiring company having a value equal to two times the exercise price   
of the right. The rights agreement also provides that in the event any person   
acquires 20% or more of the company's outstanding common stock (other than      
pursuant to an offer for all outstanding stock that the board determines is     
fair and in the best interests of the company and stockholders), each right     
(other than rights held by the person who has acquired such 20% or larger       
block) will entitle its holder to purchase common stock of the company having   
a value equal to twice the exercise price of the right. No rights               
certificates will be distributed until 10 days following a public               
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announcement that a person or group has acquired beneficial ownership of 20%    
or more of the company's outstanding common stock, or 10 days following the     
commencement of a tender offer or exchange offer for 20% or more of the         
company's outstanding stock. Until such time, the rights are evidenced by the   
common share certificates of the company. The rights are not exercisable        
until distributed and will expire on July 10, 1996, unless earlier redeemed.    
The company has the option to redeem the rights in whole, but not in part, at   
a price of $.05 per right.                                                      

Note F                                                                          
Retirement Plans                                                                
The company and its subsidiaries have several company-administered    
noncontributory defined benefit plans covering most non-union employees.        
These plans provide benefits that are based on the employees' compensation      
during various times before retirement. The funding policy for these plans is   
to contribute annually an amount that is intended to provide the projected      
benefit earned during the year for the covered employees. The company also      
contributes to certain union-administered, company-administered and jointly     
administered negotiated plans covering union employees. The funding policy      
for these plans is to make annual contributions in accordance with applicable   
agreements.                                                                     
  The company also sponsors certain defined contribution plans established
pursuant to Section 401(k) of the Internal Revenue Code. Subject to certain     
dollar limits, employees may contribute a percentage of their salaries to       
these plans, and the company will match a portion of the employees'             
contributions.                                                                  
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  A summary of the components of net periodic pension cost for the defined
benefit plans (both company-administered non-negotiated and single-employer     
negotiated plans) is presented here, along with the total amounts charged to    
pension expense for multi-employer union plans, defined contribution plans      
and other agreements (in thousands):                                            

                                                                [Download Table]

                                  1994          1993          1992   
                                 -------      -------        ------- 
                                                                     

Defined benefit plans:                                               
      Service cost.............  $23,699      $18,961        $18,162 
      Interest cost............   48,559       45,961         42,638 
      Actual return on                                               
         plan assets...........   20,553      (78,805)       (43,699)
      Net amortization                                               
         and deferral..........  (78,037)      25,632         (7,133)
                                  ------       ------         ------ 
            Net................   14,774       11,749          9,968 
Multi-employer                                                       
   union plans.................   13,640       12,713         12,226 
Defined contribution                                                 
   plans.......................   10,415        9,139          7,617 
Other..........................    2,129        2,454          2,300 
                                  ------       ------         ------ 
            Net periodic                                             
               pension cost....  $40,958      $36,055        $32,111 
                                  ======       ======         ====== 

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                                                                [Download Table]


Assumptions used each year in accounting for defined                 
benefit plans were:                                                  

                                  1994          1993          1992   
                                 ------       ---------     ---------
                                                                     
Discount rate as of                                                  
   year end....................    8.5 %       5.75-7.5%     7.5-8.5%
Expected long-term rate                                              
   of return on assets                                               
   assumed in determining                                            
   pension expense.............  8.0-8.5       8.0-8.5         8.5   
Rate of increase in                                                  
   compensation levels                                               
   as of year end..............  3.5-4.5       3.5-4.5       4.0-7.0 


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The following table sets forth the funded status and amounts recognized in the  
Consolidated Balance Sheet for the defined benefit plans                        
(in thousands):                                                                 

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                                                        [Enlarge/Download Table]

                                              Dec. 25, 1994               Dec. 26, 1993               Dec. 27, 1992        
                                        -------------------------   --------------------------  -------------------------  
                                        Plans Whose   Plans Whose   Plans Whose   Plans Whose   Plans Whose   Plans Whose  
                                        Assets Exceed Accumulated   Assets Exceed Accumulated   Assets Exceed Accumulated  
                                        Accumulated   Benefits      Accumulated   Benefits      Accumulated   Benefits     
                                        Benefits      Exceed Assets Benefits      Exceed Assets Benefits      Exceed Assets
                                        (19 plans)    (8 plans)     (17 plans)    (9 plans)     (21 plans)    (5 plans)    
                                        ------------  ------------  ------------  ------------  ------------  ------------ 
                                                                                                                           
Actuarial present value of                                                                                                 
   benefit obligations:                                                                                                    
      Vested benefit obligations........  ($459,237)    ($49,613)    ($485,172)    ($51,583)    ($378,523)     ($38,848)   
                                          ==========    =========    ==========    =========    ==========     =========   
      Accumulated benefit obligations...  ($468,205)    ($51,217)    ($495,682)    ($54,205)    ($386,238)     ($40,668)   
                                          ==========    =========    ==========    =========    ==========     =========   
Projected benefit obligation............  ($539,832)    ($58,989)    ($579,162)    ($64,329)    ($488,852)     ($44,709)   
Plan assets at fair value...............    612,776       32,380       648,468       36,955       571,477        29,247    
                                          ----------    ---------    ----------    ---------    ----------     ---------   
Projected benefit obligation                                                                                               
   less than (in excess of) plan assets.     72,944      (26,609)       69,306      (27,374)       82,625       (15,462)   
Unrecognized net (gain) loss............    (37,278)       1,220       (31,764)       5,464       (54,642)          826    
Prior service cost not yet recognized                                                                                      
   in net periodic pension cost.........     28,408       13,685        30,305       13,054        36,561         6,383    
Unrecognized net (asset)                                                                                                   
   obligation at the date FAS 87                                                                                           
   was adopted, net of amortization.....    (29,122)       2,523       (33,511)       2,962       (38,600)        3,166    
Adjustment required to recognize                                                                                           
   minimum liability....................                 (10,199)                   (11,357)                     (6,333)   
                                          ----------    ---------    ----------    ---------    ----------     ---------   
Net pension asset (liability) recognized                                                                                   
   in the Consolidated Balance Sheet....    $34,952     ($19,380)      $34,336     ($17,251)      $25,944      ($11,420)   
                                          ==========    =========    ==========    =========    ==========     =========   
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Of the eight plans whose Accumulated Benefits exceed assets, four are 
nonqualified pension plans. These unfunded plans have total Accumulated         
Benefits of $13.6 million.                                                      
Net pension assets are included in "Other" noncurrent assets and net  
pension liabilities are included in "Employment benefits and other noncurrent   
liabilities." Substantially all of the assets of the company-administered       
plans are invested in listed stocks and bonds.                                  

Note G                                                                          
Segment Information                                                             
  The company is a diversified information and communications company with
two principal business segments: Newspapers and Business Information            
Services. Financial data regarding the company's business segments are          
presented in Items 1 & 2 in the supplemental information.                       
Operating revenue by industry segment includes sales to unaffiliated  
customers, as reported in the company's consolidated income statement.          
  Operating income is operating revenue less operating expenses, including
depreciation expense and amortization of intangibles. General corporate         
expenses are not allocated to the Newspaper or Business Information Services    
divisions. Equity in earnings of unconsolidated companies and joint ventures,   
minority interests in earnings of consolidated subsidiaries, interest income,   
net interest expense, other non-operating income and expense items, as well     
as income taxes, have not been included in the amounts reflected as operating   
income by segment.                                                              
  Identifiable assets by segment are all assets employed in the individual
operations of each business segment and excess of cost over net assets          
acquired associated with acquisitions in each segment. General corporate        
assets include cash and equivalents, other investments, net assets of           
unconsolidated companies and joint ventures (other than the Detroit Newspaper   
Agency, which is included in Newspaper Division assets), and property, plant    
and equipment used primarily for corporate purposes. Investments in             
unconsolidated companies and joint ventures are discussed in Notes A and D.     

Note H                                                                          
Acquisitions                                                                    
In January 1994, the company (through its wholly owned subsidiary     
Knight-Ridder Business Information Services, Inc.) acquired all of the assets   
of Technimetrics. Technimetrics is a leading publisher of investor relation     
information and business executive and institutional investor holdings          
information.                                                                    
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In April 1994, Knight-Ridder Financial purchased Real Time Information
GmbH, a provider of real-time financial news and pricing.                       
 During July 1994, the company purchased all the assets of Gulf Shipper,
a publisher of ship schedules.                                                  
At the end of the 1994 third quarter, Knight-Ridder Information, Inc.,
(KRII) purchased the remaining stock of Article Express International (AEI).    
KRII previously held a minority interest in AEI, which is a leading document    
delivery supplier.                                                              
The acquisitions were accounted for as purchases and, accordingly, the
accompanying financial statements include the results of their operations       
from the acquisition dates. The cost of acquisitions is included in the         
caption "Other items, net" in the "Cash Required For Investing Activities"      
section of the Consolidated Statement of Cash Flows. The effect on operations   
and pro forma results of operations was not material.                           

Note I                                                                          
Postretirement Benefits Other Than Pensions                                     
The company and its subsidiaries have defined postretirement benefit  
plans that provide medical and life insurance for retirees and eligible         
dependents. Effective with the beginning of fiscal year 1992, the company       
implemented, on the immediate recognition basis, Statement of Financial         
Accounting Standards (FAS) 106, Employers' Accounting for Postretirement        
Benefits Other Than Pensions. This statement requires that the cost of these    
benefits, which are primarily for health care and life insurance, be            
recognized in the financial statements throughout the employees' active         
working careers. The company's previous practice was to expense these costs     
on a cash basis, principally after retirement.                                  
The cumulative effect of adopting FAS 106 on the immediate recognition
basis, as of the beginning of 1992, was to reduce net income by $131.0          
million (net of income taxes of $80.3 million), or $2.37 per share. This        
charge includes a previously unrecognized accumulated postretirement benefit    
obligation of $211.3 million, including $47.2 million related to the            
company's share of the Detroit Newspaper Agency (DNA). This obligation was      
based on plans in place at the beginning of 1992. The 1992 after-tax impact     
of FAS 106 (excluding the cumulative effect of adoption) was to reduce          
earnings by $4.0 million, or $.07 per share.                                    
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The company valued the accumulated postretirement benefit obligation using    
the following assumptions:                                                      

                                                        [Enlarge/Download Table]

                                                                 1994    1993    1992 
                                                                ------  ------  ----- 
                                                                                      
Discount rate at the end of the year...........................   8.5%    7.5%    8.5%
Return on plan assets..........................................   8.5     8.5     8.5 
Annual rate of increase in salaries............................   4.5     4.5     5.0 
Medical trend rate:                                                                   
    Projected..................................................  11.0    12.0    14.0 
    Reducing to this percentage in 2001 & thereafter...........   5.5     5.5     6.5 


 In 1992, the company announced several changes to its retiree non-union
benefit plans that established a maximum annual dollar cap for medical          
premiums the company would pay and eliminated coverage for future retirees      
after the age of 65. During 1993 and 1994, many of the company's unions         
adopted similar changes to their retiree benefit plans. These plan amendments   
resulted in an unrecognized reduction in prior service cost, which is being     
amortized over future years. Most current retirees will keep their current      
plans. 1993 and 1994 reflect full-year amortization for the reduction in        
prior service cost.                                                             
 The following tables present the funded status of the company's benefit
plans (excluding liabilities of the DNA that are reported in the Consolidated   
Balance Sheet under the investment caption "Equity in unconsolidated            
companies and joint ventures") and the components of 1994, 1993 and 1992        
periodic expense (in thousands):                                                

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                                              1994                           1993                           1992           
                                    -------------------------   ------------------------------   --------------------------
                                                       Life                            Life                         Life   
                                                    Insurance                        Insurance                    Insurance
                                     Medical        and Other     Medical            and Other   Medical          and Other
                                      Plans           Plans        Plans               Plans      Plans             Plans  
                                    --------        ---------   ---------            ---------   --------         ---------
                                                                                                                           
Accumulated postretirement                                                                                                 
   benefit obligation:                                                                                                     
      Retirees..................   $  64,244        $  11,194     $  71,550         $  13,619   $ 54,504         $  13,375 
      Fully eligible active                                                                                                
         plan participants......      11,673            4,467        12,375             5,267     22,293             3,030 
      Other active plan                                                                                                    
         participants...........      13,554           15,454        19,667            17,679     26,411            18,558 
                                     -------          -------       -------           -------    -------           ------- 
      Total.....................      89,471           31,115       103,592            36,565    103,208            34,963 
Fair value of assets............         -                -            -                 -          -                  -   
                                     -------          -------       -------           -------    -------           ------- 
Accumulated benefit                                                                                                        
   obligation in excess                                                                                                    
   of plan assets...............      89,471           31,115       103,592            36,565    103,208            34,963 
Unrecognized net                                                                                                           
   reduction (increase) in prior                                                                                           
   service costs................      35,752             (222)        34,331              (169)    34,592              -   
Unrecognized net                                                                                                           
   gain (loss)..................       1,628            8,938         (2,900)            2,912        -                -   
                                     -------          -------        -------           -------    -------           -------
Accrued liability recognized                                                                                               
   in the balance sheet.........   $ 126,851        $  39,831      $ 135,023         $  39,308   $137,800          $ 34,963
                                     =======          =======        =======           =======    =======           =======
Net periodic postretirement                                                                                                
   benefit cost includes                                                                                                   
   the following components:                                                                                               
      Service cost..............             $ 3,081                        $  3,911                      $ 4,647          
      Interest cost.............              11,203                          13,184                       13,434          
      Amortization..............              (4,810)                         (3,558)                      (1,947)         
                                              ------                          ------                       ------          
      Net periodic                                                                                                         
         postretirement                                                                                                    
         benefit cost...........             $ 9,474                        $ 13,537                      $16,134          
                                              ======                          ======                       ======          
                                   -102-                                                                                   

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Impact of one percent increase                                                                                             
   in medical trend rate:                                                                                                  
   Aggregate impact on 1994                                                                                                
     service cost and                                                                                                      
     interest cost..............             $ 1,116                                                                       
                                              ======                                                                       
   Increase in Dec. 25, 1994,                                                                                              
     accumulated postretirement                                                                                            
     benefit obligation.........             $ 6,914                                                                       
                                              ======                                                                       


Note J                                                                          
Commitments and Contingencies                                                   

At Dec. 25, 1994, the company had lease commitments currently estimated to      
aggregate approximately $106.1 million that expire from 1995 through 2051 as    
follows (in thousands):                                                         

                                                                [Download Table]

                               
1995                   $ 22,560
1996                     18,117
1997                     15,375
1998                     12,194
1999                     10,600
2000 and thereafter      27,254
                        -------
       Total           $106,100
                        =======

Payments under the lease contracts were $27.0 million in 1994, $25.4  
million in 1993 and $25.2 million in 1992.                                      
Various libel actions, environmental and other legal proceedings that 
have arisen in the ordinary course of business are pending against the          
company and its subsidiaries.                                                   
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In 1990, a verdict was rendered against the company's subsidiary,     
Philadelphia Newspapers, Inc. (PNI), publisher of The Philadelphia Inquirer     
and Philadelphia Daily News, in a libel action entitled Sprague v.              
Philadelphia Newspapers, Inc., for $2.5 million in compensatory damages and     
$31.5 million in punitive damages. Following entry of the judgment on Sept.     
15, 1992, PNI appealed the judgment to the Pennsylvania Superior Court. The     
Superior Court has affirmed the $2.5 million in compensatory damages and        
vacated the $31.5 million award of punitive damages. The court remanded the     
case to the trial court, which will either hold a new trial solely on the       
issue of punitive damages or reduce the punitive damages judgment to $21.5      
million. PNI believes that substantial grounds exist for a decision by an       
appellate court to grant a new trial on all issues.                             
 In the opinion of management, the ultimate liability to the company and
its subsidiaries as a result of this and other legal proceedings will not be    
material.                                                                       

Management's Responsibility for Financial Statements                            
Shareholders:                                                                   
The consolidated financial statements and other financial information 
were prepared by management in conformity with generally accepted accounting    
principles applied on a consistent basis throughout the periods. The manner     
of presentation, the selection of accounting policies and the integrity of      
the financial information are the responsibility of management. Some of the     
amounts included in the financial statements are estimates based on             
management's best judgment of current conditions and circumstances.             
 To fulfill its responsibilities, management has developed and continues
to maintain a system of internal accounting controls. We believe the controls   
in use are adequate to provide reasonable assurance that assets are             
safeguarded from loss or unauthorized use, and that the financial records are   
reliable for preparing the financial statements and maintaining                 
accountability for assets. These systems are augmented by written policies,     
organizational structures providing for division of responsibilities,           
qualified financial officers at each operating unit, careful selection and      
training of financial personnel and a program of internal audits. There are,    
however, inherent limitations in any control system, in that the cost of        
maintaining a control system should not exceed the benefits to be derived.      
The Audit Committee of the Board of Directors is composed of outside  
directors and meets periodically with management, internal auditors and         
independent auditors, both separately and together, to review and discuss the   
auditors' findings and other financial and accounting matters. Both the         
independent and internal auditors have free access to the committee.            
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  The consolidated financial statements have been audited by the company's
independent auditors and their report is presented below. The independent       
auditors are elected each year at the annual shareholders meeting based on a    
recommendation by the Audit Committee and the Board of Directors.               

James K. Batten                                                                 
-----------------                                                               
James K. Batten                                                                 
Chairman and                                                                    
Chief Executive Officer                                                         

Ross Jones                                                                      
----------------                                                                
Ross Jones                                                                      
Senior Vice President/Finance                                                   
and Chief Financial Officer                                                     

Report of Independent Certified Public Accountants                              
Shareholders                                                                    
Knight-Ridder, Inc.                                                             

We have audited the accompanying consolidated balance sheet of        
Knight-Ridder, Inc., and subsidiaries as of Dec. 25, 1994, Dec. 26, 1993, and   
Dec. 27, 1992, and the related consolidated statements of income, cash flows    
and shareholders' equity for the years then ended.  Our audits also included    
the financial statement schedule listed in the index at Item 14(a).  These      
financial statements and schedule are the responsibility of the company's       
management. Our responsibility is to express an opinion on these consolidated   
financial statements and schedule based on our audits.                          
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to        
obtain reasonable assurance about whether the financial statements are free     
of material misstatement. An audit includes examining, on a test basis,         
evidence supporting the amounts and disclosures in the financial statements.    
An audit also includes assessing the accounting principles used and             
significant estimates made by management, as well as evaluating the overall     
financial statement presentation. We believe that our audits provide a          
reasonable basis for our opinion.                                               
In our opinion, the financial statements referred to above present    
fairly, in all material respects, the consolidated financial position of        
Knight-Ridder, Inc., and subsidiaries at Dec. 25, 1994, Dec. 26, 1993, and      
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Dec. 27, 1992, and the consolidated results of their operations and their       
cash flows for the years then ended in conformity with generally accepted       
accounting principles.  Also, in our opinion, the related financial             
statement schedule, when considered in relation to the basic financial          
statements taken as a whole, presents fairly in all material respects the       
information set forth therein.                                                  
As discussed in Notes B and I to the financial statements, in 1992 the
company changed its method of accounting for income taxes and postretirement    
benefits other than pensions.                                                   

Ernst & Young LLP                                                               

Miami, Florida                                                                  
January 31, 1995                                                                

ITEM 9.     Changes in and Disagreements with Accountants on Accounting and     
       ---------------------------------------------------------------
Financial Disclosure.                                   
---------------------                                   

Not Applicable                                          

PART III                                                                        

Item 10. Directors and Executive Officers of the Registrant                     
--------------------------------------------------                  
   1995 Proxy Statement page 2, "Election of Directors"; page 3, "Nominees
   for Election as Directors for Terms Ending 1998"; page 3, "Nominees for
Election as Directors for Terms Ending 1996"; page 15, "Certain     
Relationships and Reports of Certain Stock Transactions"; page 7,   
"Compensation Committee Interlocks and Insider Participation."      

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Knight-Ridder Executive Committee                                               

James K. Batten, 59, chairman since 1989 and chief executive officer  
since 1988. Served as president 1982 to 1989; senior vice president 1980 to     
1982; vice president/news 1975 to 1980; Charlotte Observer executive editor     
1972 to 1975. Advanced Management Program, Harvard Business School, 1981;       
M.P.A., public affairs, Princeton University, 1962; B.S., chemistry/biology,    
Davidson College, 1957.                                                         

Alvah H. Chapman Jr., 73, chairman of the Executive Committee since   
1984. Served as chairman of the board 1982 to 1989; chief executive officer     
1976 to 1988; president 1973 to 1982; executive vice president 1967 to 1973;    
vice president 1966 to 1967; Miami Herald general manager 1962 to 1969. B.S.,   
business administration, The Citadel, 1942.                                     

  Mary Jean Connors, 42, vice president/human resources since 1989. Served
as Philadelphia Newspapers, Inc., vice president/human resources 1988 to        
1989; assistant to the senior vice president/news for Knight-Ridder 1988; The   
Miami Herald assistant managing editor/personnel 1985 to 1988; held various     
editing positions at The Miami Herald 1980 to 1985. B.A., English, Miami        
University in Oxford, Ohio, 1973.                                               

John C. Fontaine, 63, executive vice president since 1994; senior vice
president 1987 to 1993; general counsel 1980 to 1993. Formerly a partner with   
Hughes Hubbard & Reed. LL.B., Harvard Law School, 1956; B.A., political         
science, University of Michigan, 1953.                                          

 Ross Jones, 52, senior vice president and chief financial officer since
1993. Served as vice president/finance in 1993; vice president and treasurer    
of Reader's Digest Association, Inc., 1985 to 1993 and in other positions       
there 1977 to 1985. Served as manager at Brown Brothers Harriman & Co. 1970     
to 1977. M.B.A., finance, Columbia University Business School, 1970; B.A.,      
classics, Brown University, 1965.                                               

Bernard H. Ridder Jr., 78, former chairman of the board 1979 to 1982; 
former chairman of the Executive Committee 1976 to 1984; former vice chairman   
of the board 1974 to 1979. Served as president and chief executive officer of   
Ridder Publications, Inc., 1969 to 1974. B.A., history, Princeton University,   
1938.                                                                           
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 P. Anthony Ridder, 54, president since 1989; president of the Newspaper
Division since 1986; chairman of the Operating Committee since 1985. Served     
as publisher of the San Jose Mercury News 1977 to 1986; general manager 1975    
to 1977; business manager 1969 to 1975. B.A., economics, University of          
Michigan, 1962.                                                                 

Patrick J. Tierney, 49, chief executive officer and president of      
Knight-Ridder Information, Inc., since 1991. Served as vice president and       
general manager of the information services division of TRW, Inc. M.B.A.,       
University of Colorado, 1970; B.S., business, University of Colorado, 1967.     

Other Officers                                                                  

 Marty Claus, 46, vice president/news since 1993. Served as Detroit Free
Press managing editor/business and features from 1987 to 1992; held various     
editing positions at the Free Press 1977 to 1987. Held various writing and      
editing positions at the San Bernardino (Calif.) Sun-Telegram 1970 to 1977.     
B.A., journalism, Michigan State University Honors College, 1970.               

Gary R. Effren, 38, vice president/controller since February 1995.    
Served as assistant vice president/ assistant treasurer 1993 to 1995;           
assistant to the vice president/finance and treasurer 1989 to 1993; director    
of corporate accounting 1986 to 1989; business manager of Viewdata Corp. of     
America 1984 to 1986; manager of financial reporting 1983 to 1984. M.B.A.,      
University of Miami, 1989; B.S., accounting, Rider College, 1978; CPA.          
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Virginia Dodge Fielder, 46, vice president/research since 1989. Served
as vice president/news and circulation research 1986 to 1989. Served as         
director/news and circulation research 1981 to 1985; editorial research         
manager, Chicago Sun-Times 1979 to 1981; held various positions at Lexington    
Herald-Leader 1976 to 1979. Ph.D., mass communications, Indiana University,     
1976; M.A., journalism, Indiana University, 1974; B.A., psychology,             
Transylvania University, 1970.                                                  

Douglas C. Harris, 55, vice president and secretary since 1986. Served
as vice president/personnel 1977 to 1985; director/personnel 1972 to 1977.      
Formerly with Peat, Marwick, Mitchell and Co. as director of college and        
special recruiting. Advanced Management Program, Harvard Business School,       
1987; Ed.D., counseling and guidance, Indiana University, 1968; M.S., student   
personnel, Indiana University, 1964; B.S., business administration, Murray      
State University, 1961.                                                         

Clark Hoyt, 52, vice president/news since 1993. Served as chief of the
Knight-Ridder Washington Bureau 1987 to 1993; news editor 1985 to 1987;         
managing editor, The Wichita Eagle 1981 to 1985; various editing positions,     
Detroit Free Press 1977 to 1981; various reporting positions, the Detroit       
Free Press and Washington Bureau. B.A., English literature, Columbia College,   
1964.                                                                           

  Robert D. Ingle, 55, vice president/new media since January 1995. Served
as president and executive editor of the San Jose Mercury News since 1981;      
managing editor, The Miami Herald 1977 to 1981; various editing positions,      
The Miami Herald 1962 to 1977. B.A., journalism and political science,          
University of Iowa, 1962.                                                       

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Polk Laffoon IV, 49, vice president/corporate relations since 1994.   
Served as assistant to the president 1992 to 1994; assistant circulation        
director/distribution, The Miami Herald, 1991 to 1992; executive assistant to   
the vice president/marketing 1989 to 1991; Living Today editor, 1987 to 1989.   
Served as director and vice president/investor relations, Taft Broadcasting     
Co., 1982 to 1987. M.B.A., marketing, Wharton School, 1970; B.A., English,      
Yale, 1967.                                                                     

Tally C. Liu, 44, vice president/finance and administration since     
December. Served as vice president/finance and controller 1993 to 1994; vice    
president and controller 1990 to 1993. Served as San Jose Mercury News vice     
president and chief financial officer 1987 to 1990; chief financial officer     
1986 to 1987; controller 1983 to 1986; Boca Raton News controller 1980 to       
1983; assistant controller 1978 to 1980. M.B.A., Florida Atlantic University,   
1977; B.S., business administration, National Chen-Chi University, 1973; CPA.   

Larry D. Marbert, 41, vice president/technology since 1994. Served as 
Philadelphia Newspapers, Inc., senior vice president/operations 1991 to 1994;   
vice president/operations research and planning 1988 to 1991; vice              
president/production 1986 to 1988; Knight-Ridder director of                    
production/Newspaper Division 1981 to 1986; various production positions, The   
Miami Herald 1977 to 1981. M.S., management science, Auburn University, 1977;   
B.S., University of North Carolina, business administration, 1976.              

  Frank McComas, 49, vice president/operations since February 1995. Served
as publisher, The (Columbia) State, 1988 to 1995; publisher, Bradenton          
Herald, 1980 to 1988; held various positions at The Miami Herald and The        
Charlotte Observer, 1970 to 1980. B.B.A. in business administration, Kent       
State University, 1968.                                                         
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Cristina Lagueruela Mendoza, 48, vice president/general counsel since 
1993; vice president/associate general counsel 1992 to 1993; associate          
general counsel 1990 to 1992. Served as a partner in Murai, Wald, Biondo,       
Moreno & Mendoza, P.A., 1988 to 1990; associate 1984 to 1988. J.D.,             
University of Miami Law School, 1982; M.A., political science, University of    
Miami, 1967; B.A., political science, Chatham College, 1966.                    

 Peter E. Pitz, 53, vice president/operations since 1994. Served as vice
president/technology 1989 to 1994; San Jose Mercury News vice                   
president/operations 1987 to 1989; Detroit Free Press director of operations    
1983 to 1987; Denver Post operations manager 1974 to 1983. M.B.A., Denver       
University, 1979; B.S., business administration, Northern Illinois              
University, 1963.                                                               

David K. Ray, 53, president of Business Information Services Division 
since 1983; Knight-Ridder vice president since 1980. Formerly a vice            
president, LIN Broadcasting Co. M.B.A., University of Chicago, 1965; B.A.,      
liberal arts, Colgate University, 1963.                                         

 Sharon Studer, 43, vice president/new ventures since October. Served as
partner in KPMG Peat Marwick in London 1990 to 1994. Ph.D., social psychology   
and research, University of Minnesota, 1978; B.S., psychology, University of    
Minnesota, Morris, 1973.                                                        

Homer E. Taylor, 52, vice president/supply since 1987. Formerly vice  
president/manufacturing and supply with Scripps Howard. B.S., business, West    
Virginia Institute of Technology, 1973; A.S., electrical engineering, West      
Virginia Institute of Technology, 1970.                                         
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Jerome S. Tilis, 52, vice president/marketing since 1987. Served as   
president of the Detroit Free Press 1985 to 1989; senior vice president of      
Philadelphia Newspapers, Inc., 1980 to 1985; vice president of advertising      
sales and marketing 1979 to 1980; advertising director 1977 to 1979. Advanced   
Management Program, Harvard Business School, 1984; B.S., chemistry, Hunter      
College, 1964.                                                                  

Knight-Ridder Board                                                             

 The Knight-Ridder Board of Directors is composed of members who represent
a wide cross-section of American business and journalism. The group includes    
highly experienced investment and commercial bankers, leaders of top American   
corporations, senior executives and retired executives of the company and       
members of the Knight and Ridder families. The group is the central governing   
body of the company.                                                            

James K. Batten, 59, chairman and chief executive officer, a director 
since 1981; advanced Management Program, Harvard Business School, 1981;         
M.P.A., public affairs, Princeton University, 1962; B.S., chemistry/biology,    
Davidson College, 1957.                                                         

P. Anthony Ridder, 54, president of Knight-Ridder and of the Newspaper
Division, a director since 1987; B.A., economics, University of Michigan,       
1962.                                                                           

  Gonzalez F. Valdes-Fauli, 48, regional chief executive: Latin America of
Barclays Bank PLC, a director since 1992; master's in international finance,    
Thunderbird Graduate School for International Management, 1970; B.S.,           
economics, Spring Hill College, 1968.                                           

Joan Ridder Challinor, 67, a director since 1989; Ph.D., U.S. history,
The American University in Washington, D.C., 1982; M.A., U.S. history/ancient   
history, The American University, 1974; B.A., history, The American             
University, 1971.                                                               

 Barbara Barnes Hauptfuhrer, 66, director of several public companies, a
Knight-Ridder director since 1979; B.A., sociology and economics, Wellesley     
College, 1949.                                                                  
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Eric Ridder, 76, publisher emeritus of The Journal of Commerce, a     
director since 1983; attended Harvard University.                               

John L. Weinberg, 70, senior chairman of Goldman, Sachs & Co., a      
director since 1969; M.B.A., business administration, Harvard University,       
1950; B.A., economics, Princeton University, 1948.                              

 Thomas L. Phillips, 70, retired chairman and chief executive officer of
Raytheon Co., a director since 1983; M.S., electrical engineering, Virginia     
Polytechnic Institute, 1948; B.S., electrical engineering, Virgina              
Polytechnic, 1947.                                                              

  Alvah H. Chapman Jr., 73, chairman of the Executive Committee and former
chairman of the board and chief executive officer, a director since 1962;       
B.S., business administration, The Citadel, 1942.                               

Peter C. Goldmark Jr., 54, president of The Rockefeller Foundation, a 
director since 1990; B.A., government, Harvard College, 1962.                   

  Randall L. Tobias, 52, chairman and chief executive officer of Eli Lilly
and Company, a director since March 1994; B.S., business, Indiana University,   
1964.                                                                           

William S. Lee, 65, chairman emeritus of Duke Power, a director since 
1990; B.S., civil engineering, Princeton University, 1951.                      

Ben R. Morris, 72, former president of The State-Record Company, a    
director since 1986; B.S., textile engineering, North Carolina State            
University, 1948.                                                               

Barbara Knight Toomey, 57, experienced in management consulting, data 
retrieval and storage, resort management and library science, a director        
since 1989; B.A., geography and zoology, Boston University, 1959.               

  Jesse Hill Jr., 68, chairman and chief executive officer of Atlanta Life
Insurance Co., a director since 1980; M.B.A., actuarial science, University     
of Michigan, 1949; B.S., mathematics and physics, Lincoln University, 1947.     

C. Peter McColough, 72, former chairman and CEO of Xerox Corp., a     
director since 1982; LL.B., law, Dalhousie University (Nova Scotia), 1947;      
M.B.A., Harvard University, 1949.                                               
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11.   Executive Compensation                                                    
----------------------                                              
   1995 Proxy Statement, pages 7 and 8, "Compensation Committee Interlocks
   and Insider Participation"; pages 8 through 10, "Compensation Committee
 Report"; page 8, "Executive Compensation"; page 11, "Senior Executive
Compensation"; page 12, "Stock Options Granted"; pages 12 and 13,   
"Stock Options Exercised"; page 13, "Pension Benefits"; page 14     
"Performance of the Company's Stock"; and page 15, "Compensation of 
Directors"                                                          

12.   Security Ownership of Certain Beneficial Owners and Management            
--------------------------------------------------------------      
1995 Proxy Statement page 1, "Common Stock Outstanding and Principal
Holders" and page 6, "Security Ownership of Management"             

See Note E in Item 8.                                               

13.   Certain Relationships and Related Transactions                            
----------------------------------------------                      

1995 Proxy Statement page 15, "Certain Relationships and            
Reports of Certain Stock Transactions"; page 7, "Compensation       
Committee Interlocks and Insider Participation"; page 1, "Common    
Stock Outstanding and Principal Holders"                            

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PART IV                                                             

14.   Exhibits, Financial Statement Schedules, and Reports on Form              
------------------------------------------------------------        
8-K.                                                                
----                                                                
(a)                                                                             

1.  The following consolidated financial statements of Knight-Ridder, Inc.      
and subsidiaries, included in the annual report of the registrant to    
its shareholders for the year ended December 25, 1994, are included in  
Item 8:                                                                 

Consolidated Balance Sheet - December 25, 1994, December 26, 1993 and   
December 27, 1992                                                       

Consolidated Statement of Income - Years ended December 25, 1994,       
December 26, 1993 and December 27, 1992                                 

Consolidated Statement of Cash Flows - Years ended December 25, 1994,   
December 26, 1993 and December 27, 1992                                 

 Consolidated Statement of Shareholders' Equity - Years ended December 25,
1994, December 26, 1993 and December 27, 1992                           

Notes to consolidated financial statements - December 25, 1994          

2.  The following consolidated financial statement schedule of Knight-          
Ridder, Inc. and subsidiaries are included in Item 14(d):               

Schedule II - Valuation and qualifying accounts                         

All other schedules for which provision is made in the applicable accounting    
regulation of the Securities and Exchange Commission are not required under     
the related instructions, or are inapplicable, or have been shown in the        
consolidated financial statements or notes thereto, and therefore have been     
omitted from this section.                                                      
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3.  Exhibits Filed                                                              

No.  3 - Articles of Incorporation and Bylaws are incorporated by reference     
to the Company's 10K filed in March, 1981.                    

No.  4 - Indenture, dated as of April 6, 1989, is incorporated by reference     
 to the Company's Registration Statement  on Form S-3, effective
April 7, 1989.  (No.  33-28010)                               

No. 10 - Knight-Ridder Annual Incentive Plan description is incorporated        
herein on pages 126-134,                                      

- Amendment to the Employee Stock Option Plan is incorporated by
reference to the Company's Form 10K filed electronically on 
March 23, 1994.                                             

  - Director's Pension Plan dated January 1, 1994 is incorporated by
reference to the Company's Form 10K filed electronically on 
March 23, 1994.                                             

 - Executive Officer's Retirement Agreement dated July 19, 1993 is
incorporated by reference to the Company's Form 10K filed   
electronically on March 23, 1994.                           

  - Executive Officer's Retirement Agreement dated December 19, 1991
is incorporated by reference to the Company's Form 10-K     
filed electronically on March 23, 1994.                     

- Executive Officer's Consulting/Retirement Agreement dated     
September 20, 1989 is incorporated herein on pages 135-137. 

No. 11 - Statement re Computation of Per Share Earnings is filed herein on      
pages 137-138.                                                

No. 12 - Statement re  Computation of Earnings to Fixed Charges Ratio From      
Continuing Operations is filed herein on pages 139-140.       

No. 21 - Subsidiaries of the registrant is filed herein on pages 141-143.       
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No. 23 - "Consent of Independent Certified Public Accountants" is filed         
herewith on page 144.                                       

No. 24 - "Power of Attorneys" for all members of the Board of Directors, is     
filed herein on pages 145-160.                              

No. 27 -  "Finanical Data Schedule" is filed herein on pages 161-162.           

(b)  Reports on Form 8-K                                                        
None were filed during the fourth quarter of 1994.                    

(c)   Exhibits                                                                  
The response to this portion of Item 14 is submitted as a separate    
section  of this report.                                              

(d)  Financial Statement Schedules                                              
The response to this portion of Item 14 is submitted as a separate    
section of this report.                                               

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    SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities           
Exchange Act of 1934, the registrant has duly caused this report to be signed   
on its behalf by the undersigned, thereunto duly authorized.                    

KNIGHT-RIDDER, INC.                 

Dated March 24, 1995                     By P. Anthony Ridder                   
--------------------                        -------------------------------     
                         P. Anthony Ridder
                     President and
                               Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this       
report has been signed below by the following persons on behalf of the          
registrant and in the capacities and on the dates indicated.                    

Dated March 24, 1995                        P. Anthony Ridder                   
----------------------                      -------------------------------     
                         P. Anthony Ridder
                     President and
                               Chief Executive Officer

Dated March 24, 1995                        Ross Jones                          
----------------------                      -------------------------------     
                  Ross Jones
                                   Chief Financial Officer and
                                     Senior Vice President/Finance
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Dated March 24, 1995                                              Gary R. Effren
----------------------                      -------------------------------     

                      Gary R. Effren
                                 Vice President/Controller
                                (Chief Accounting Officer)

                          /s/ James K. Batten*
                                      --------------------------------
                       James K. Batten
                Director

                                /s/ Alvah H. Chapman, Jr.*
                                      --------------------------------
                             Alvah H. Chapman, Jr.
                Director

                                 /s/ Joan Ridder Challinor *
                                       -------------------------------
                             Joan Ridder Challinor
                Director

                                 /s/ Peter C. Goldmark, Jr.*
                                       -------------------------------
                              Peter C. Goldmark, Jr.
                Director
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                                     /s/ Barbara Barnes Hauptfuhrer*
                                       -------------------------------
                                  Barbara Barnes Hauptfuhrer
                Director

                          /s/ Jesse Hill, Jr.*
                                       -------------------------------
                       Jesse Hill, Jr.
                Director

                         /s/ William S. Lee*
                                       -------------------------------
                      William S. Lee
                Director

                             /s/ C. Peter McColough*
                                       -------------------------------
                          C. Peter McColough
                Director

                        /s/ Ben R. Morris*
                                       -------------------------------
                     Ben R. Morris
                Director

                             /s/ Thomas L. Phillips*
                                       -------------------------------
                          Thomas L. Phillips
                Director
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                            /s/ P. Anthony Ridder*
                                       -------------------------------
                         P. Anthony Ridder
                Director

                      /s/ Eric Ridder*
                                       -------------------------------
                   Eric Ridder
                Director

                            /s/ Randall L. Tobias*
                                       -------------------------------
                         Randall L. Tobias
                Director

                                 /s/ Barbara Knight Toomey *
                                       -------------------------------
                             Barbara Knight Toomey
                Director
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                                  /s/ Gonzalo F. Valdes-Fauli*
                                       -------------------------------
                               Gonzalo F. Valdes-Fauli
                Director

                          /s/John L. Weinberg*
                                       -------------------------------
                        John L. Weinberg
                Director

Dated March 24, 1995                       *By Ross Jones                       
----------------------                         ----------------------------     
                        Ross Jones
                              Attorney-in-fact

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          ANNUAL REPORT ON FORM 10-K

          ITEM 14 (a) (2), (c) and (d)

            SUPPLEMENTARY DATA

            CERTAIN EXHIBITS

            YEAR ENDED DECEMBER 25, 1994

           KNIGHT-RIDDER, INC.
          AND SUBSIDIARIES

            MIAMI, FLORIDA

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                                                        [Enlarge/Download Table]

                                                                       SCHEDULE  II                   
                                                                       ------------                   
VALUATION  AND  QUALIFYING  ACCOUNTS                                                                  
KNIGHT-RIDDER,  INC.  AND  SUBSIDIARIES                                                               
(IN  THOUSANDS  OF  DOLLARS)                                                                          


COLUMN  A                            COLUMN  B            COLUMN  C          COLUMN  D      COLUMN  E 
---------                            ---------            ---------          ---------      --------- 
                                                          ADDITIONS                                   
                                                    ----------------------                            
                                     BALANCE AT      CHARGED       CHARGED                            
                                      BEGINNING      TO COSTS        TO                     BALANCE   
                                         OF            AND          OTHER                   AT  END   
DESCRIPTION                            PERIOD        EXPENSES     ACCOUNTS    DEDUCTIONS    OF  PERIOD
------------                         ----------      ---------    ---------   ----------    ----------
                                                                                                      

YEAR  ENDED  DECEMBER  25,  1994:                                                                     

  RESERVES  AND  ALLOWANCES                                                                           
    DEDUCTED  FROM  ASSET  ACCOUNT:                                                                   
         ACCOUNTS  RECEIVABLE                                                                         
               ALLOWANCES             $ 14,554        $17,818                 $ 18,644(1)     $ 13,728
        VALUATION ALLOWANCE FOR                                                                       
               DEFERRED TAXES            3,985            -                         -            3,985
                                      --------        -------    ---------      --------     ---------
                                      $ 18,539        $17,818                 $  18,644       $ 17,713

                              -124-                                                                   

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YEAR  ENDED  DECEMBER  26,  1993:                                                                     

  RESERVES  AND  ALLOWANCES                                                                           
    DEDUCTED  FROM  ASSET  ACCOUNT:                                                                   
         ACCOUNTS  RECEIVABLE                                                                         
               ALLOWANCES             $ 14,450        $18,519                 $  18,415(1)    $ 14,554
        VALUATION ALLOWANCE FOR                                                                       
               DEFERRED TAXES           10,980            -                       6,995(2)       3,985
                                      --------        -------    ---------      --------     ---------
                                      $ 25,430        $18,519                 $  25,410       $ 18,539

YEAR  ENDED  DECEMBER  27,  1992:                                                                     

  RESERVES  AND  ALLOWANCES                                                                           
    DEDUCTED  FROM  ASSET  ACCOUNT:                                                                   
         ACCOUNTS  RECEIVABLE                                                                         
               ALLOWANCES             $ 12,305        $22,093                 $  19,948(1)    $ 14,450
        VALUATION ALLOWANCE FOR                                                                       
               DEFERRED TAXES              -           10,980                         -         10,980
                                      --------        -------    ---------      --------     ---------
                                      $ 12,305        $33,073                 $  19,948       $ 25,430

(1) Represents  uncollectible  accounts  written-off,  net  of  recoveries.                           
(2) Represents net reduction in valuation allowance which is determined to be                         
    no longer required.                                                                               

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                                                          EXHIBIT 10
                                                          ----------
                                                 GENERAL DESCRIPTION

KNIGHT-RIDDER, INC.                                                             
ANNUAL INCENTIVE PLAN (DESCRIPTION)                                             

INTRODUCTION                                                                    

The Knight-Ridder Annual Incentive Plan (the "Plan") is intended to motivate    
and reward corporate executives and top management at individual operating      
units who contribute significantly to Knight-Ridder's success.  Specific Plan   
objectives include:                                                             

- Focus participants on achieving key annual objectives                         

- Link rewards to results relative to goals at the corporate, business unit     
and individual levels                                                       
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- Provide participants the opportunity to earn competitive compensation         
commensurate with performance                                               

The Plan provides participants the opportunity to earn cash awards each year    
based on their individual performance and the performance of the corporation    
and/or the business unit in which they work.  Awards are earned on a calendar   
year basis (the "Plan Year") and are paid in cash following the end of the      
Plan Year.                                                                      

The first year in which the Plan will be in effect will be 1994.  This plan     
replaces the Knight-Ridder, Inc. Executive MBO Program, which was introduced    
in 1977 and revised in 1989.                                                    

PLAN ADMINISTRATION                                                             

The Plan will be administered by the Compensation Committee of the Knight-      
Ridder, Inc. Board of Directors (the "Committee").  The Committee has the       
authority to interpret the provisions of the Plan and to make any rules and     
regulations necessary to administer the Plan.  The Committee's decision is      
final in all matters of judgment pertaining to the Plan, and the Committee      
may, without notice, amend, suspend or revoke the Plan.                         

ELIGIBILITY                                                                     

Employees in the following categories are eligible to participate in the        
Plan:  corporate officers and certain director-level corporate employees;       
newspaper publishers and other business unit operating heads who report         
directly to corporate officers top editors,  general managers and all           
division directors; and selected other positions that can have significant      
impact on results.  Participants will be approved each year by the Committee.   

PLAN OVERVIEW                                                                   

Bonus Amounts Payable for Meeting Goals                                         

Each plan participant will have a potential bonus award which is payable for    
meeting goals.  The size of this potential award varies by salary range.  The   
bonus potential for each salary range is stated as a percentage of the salary   
earned during the year.  Therefore, the dollar amount of an individual's        
opportunity is computed by multiplying the applicable percentage by the         
salary.  The potential bonus payable for meeting goals for each salary range    
is as follows:                                                                  
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                                                                [Download Table]

  Salary Range             Potential Award 
  -------------            ----------------
                                           

  $250,000 and above       50.0%           
  $150,000 to $249,999     45.0%           
  $100,000 to $149,999     40.0%           
  $50,000 to $99,999       32.5%           
  Up to $49,999            25.0%           

Types of Performance Measures and Their Weightings                              

Each participant's bonus will be determined based on performance on two types   
of measures:  how well the individual performed relative to his or her goals    
for the year ("Personal Performance"); and how well the business unit in        
which the individual works performed relative to financial goals for the year   
("Financial Performance").                                                      

The potential award for meeting goals will be divided between the two types     
of measures in the following way:  35% of each participant's potential award    
for meeting goals will be based on  Personal Performance, and 65% will be       
based on Financial Performance, as shown in the following table:                

                                                                [Download Table]

                                    Potential Award        
                          ---------------------------------
  Salary Range             Total      Personal    Financial
  ------------            ------      --------    ---------
                                                           
  $250,000 and above       50.0%       17.5%        32.5%  
  $150,000 to $249,999     45.0%       15.75%       29.25% 
  $100,000 to $149,999     40.0%       14.00%       26.00% 
   $50,000 to $99,999      32.5%       11.375%      21.125%
  Up to $49,999            25.0%        8.75%       16.25% 

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As a general rule, the Financial Performance measurement will be based on the   
organizational level at which the individual is employed:  corporate            
performance for those at the corporate level; divisional performance for        
those in divisional positions; and business unit level for those in a           
newspaper or other business unit.  However, at the discretion of the            
Committee, the Financial Performance measurement for selected individuals may   
consist of a specified mix of two or more bases (for example, part on           
corporate performance and part on divisional performance).                      

PERFORMANCE MEASUREMENT                                                         

Financial Performance Measures                                                  

Financial performance will be evaluated relative to budgeted goals set at the   
beginning of the Plan Year.  In most cases the financial performance measure    
will be operating profit.   However, the plan provides the flexibility to       
include additional measures of financial success, such as revenue, where        
Knight-Ridder management and the Committee conclude this is appropriate.  The   
financial performance measures and the goals for the year will be               
communicated to participants by the early part of each year.                    

Personal Performance Measures                                                   

Personal performance will be evaluated relative to individual goals             
established at the beginning of the Plan Year and agreed upon by the            
participant and the participant's manager.  It is expected that individual      
goals will be set to be challenging.                                            

Goals ideally should not number more than six to eight.  Each goal should be    
well-defined in terms of what is to be accomplished and how results will be     
assessed.  Each goal will be given a weight, based on its relative              
importance, with the combined weightings equaling 100.                          

At the end of the year, each participant's manager will evaluate performance    
on each goal relative to the objectives, determine the degree to which the      
goal was achieved and assign it a number of points.  For example, if a goal     
was weighted 10 points and half of it was achieved, it would receive five       
points.  The points received on all goals will be added to determine the        
total rating, up to a maximum of 100 points.                                    
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DETERMINING AND PAYING AWARDS                                                   

Each participant's award will be determined by adding together the award        
earned based on Financial Performance and the award earned based on Personal    
Performance.  An award may be paid for one type of measure even if no award     
was earned for the other type of measure.  The only constraint is that a        
corporate performance threshold must be achieved for any award to be payable.   
Normally this threshold requirement will be that corporate operating income,    
as reported in the Annual Report, must equal at least 80% of prior year         
operating income, although the Committee reserves the right to adjust the       
threshold.                                                                      

For Personal Performance, the award is determined by multiplying the            
percentage of the total possible 100 Personal Performance points that were      
earned by the individual's potential award for fully achieving all personal     
goals.                                                                          

For Financial Performance, the award is determined by actual results compared   
to budgeted results.  Awards can vary from zero all the way up to 150% of the   
amount payable for meeting budget, using the following schedule:                

If actual results are equal to budget, 100% of the Financial Performance        
award will be paid.                                                             
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If actual results are at or below 90% of budgeted results, no award will be     
paid for Financial Performance.                                                 

If actual results are above 90% of budget, but below 100% of budget, then the   
award will be less than the amount payable for meeting budget, with each 1%     
shortfall in performance versus budget resulting in a 10% reduction of the      
amount payable for meeting budget, as follows:                                  

                                                                [Download Table]

    Actual                  Award   
  vs. Budget              Percentage
  ----------              ----------
                                    
      100%                   100%   
      99%                     90%   
      98%                     80%   
      97%                     70%   
      96%                     60%   
      95%                     50%   
      94%                     40%   
      93%                     30%   
      92%                     20%   
      91%                     10%   
      90%                      0%   

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If actual results are above 100% of budget, then the award will be greater      
than the amount payable for meeting budget.  Each 1% improvement in             
performance versus budget will result in an incremental award equal to 5% of    
the amount payable for meeting budget, up to a maximum of 150% of the           
financial portion of the award for performance that is at or above 110% of      
budget:                                                                         

(The portion of the award that is based on financial performance is 65% of      
the total potential.  So, if actual performance is 110% of budget, the          
financial award will be 97.5% (65% x 150%) of total potential.)                 

                                                                [Download Table]

                              Percentage of       
    Actual                   Financial Award      
  vs. Budget              (65% of total potential)
  ----------              ------------------------
                                                  
      100%                       100%             
      101%                       105%             
      102%                       110%             
      103%                       115%             
      104%                       120%             
      105%                       125%             
      106%                       130%             
      107%                       135%             
      108%                       140%             
      109%                       145%             
      110%                       150%             
    > 110%                       150%             

Results will be calculated to the nearest one-tenth of 1% of actual             
performance compared to budget when computing awards, and then rounded to the   
nearest full percentage point.                                                  

Two attached exhibits illustrate the award computation process.  Exhibit 1      
provides two hypothetical examples, while Exhibit 2 is a worksheet              
participants can use to compute their own awards.                               
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OTHER PLAN FEATURES                                                             

Award Payment                                                                   

Awards will be paid in cash following the end of the Plan Year and the          
computation of results.  Required tax amounts will be withheld.                 

Partial Year Participants and Changes in Position                               

Individuals who are hired or promoted into positions that qualify for Plan      
participation by October 1 of a Plan year will be eligible for a pro rata       
award based on the amount of salary earned while a participant and the          
performance levels achieved.                                                    

If a participant's responsibilities change during a year and a different part   
of the company's performance is used in computing Financial Awards for the      
two positions, then ordinarily the financial portion of the award will be       
determined on a pro rata basis relative to the time spent in the two            
positions, although exceptions may be made on a case by case basis at the       
discretion of the Committee.  Awards based on Personal Performance during the   
two parts of the year will be determined on a case by case basis.               

Termination                                                                     

In the event of death, permanent disability (as defined by Knight-Ridder,       
Inc.'s disability plan) or retirement prior to the date of payment, a           
participant (or the participant's estate) will be entitled to receive a pro     
rata award based on the time employed during the year.  In the event of         
resignation or termination for other reasons (other than for cause), a pro      
rata payment may be made at the discretion of the Committee; no award will      
be paid in the event of termination for cause.                                  

Payment will be made following the termination of employment based on           
estimated results.                                                              

Employment Rights                                                               

The Plan does not constitute a contract of employment, nor does participation   
in one Plan Year guarantee participation in another Plan Year.                  
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Exhibit to Knight-Ridder, Inc. Annual Incentive Plan                            

                                                                [Download Table]

ANNUAL INCENTIVE OPPORTUNITIES AS A PERCENTAGE OF SALARY               

SALARY RANGE                  MEET GOALS              MAXIMUM (ROUNDED)
------------                  ----------              -----------------
                                                                       

$250,000 and above                50%                       66%        
$150,000 to $249,999              45%                       60%        
$100,000 to $149,999              40%                       53%        
$50,000 to $99,999               32.5%                      43%        
Up to $49,999                     25%                       33%        


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EXECUTIVE OFFICER'S CONSULTING/RETIREMENT AGREEMENT                             
                                                            EXHIBIT 10
                                                            ----------

                                                  September 20, 1989

Mr. Alvah H. Chapman, Jr.                                                       
4255 Lake Road                                                                  
Miami, Florida 33137                                                            

Dear Alvah:                                                                     
 This letter sets forth our agreement with respect to your services to
Knight-Ridder following your retirement as an officer and employee of the       
Company on October 1st.                                                         

 You have agreed to continue to serve as a Director of the Company and
as Chairman of its Executive Committee.  I am also pleased that you have        
agreed to serve as a consultant to the company for the 12 months beginning      
October 1, 1989 and, thereafter,  for such period as you, the Compensation      
Committee and I may agree.                                                      

In consideration of your services as Chairman of the Executive      
Committee and as a consultant, the Company will pay you $150,000 annually.      
This agreement extends from October 1, 1989 through September 30, 1994*.        
And as customary, you will be compensated as an outside director, including     
meeting fees for the Board and Board  Committees (including the Executive       
Committee of the Company).                                                      

We have calculated that you will be entitled to an aggregate annual 
pension benefit under the Knight-Ridder Retirement and Benefit Restoration      
Plans of $328,670.  In addition, in recognition of your contribution to the     
Company and your future services to it, the Company has agreed to pay you an    
additional retirement benefit of $100,000 per year for your life, in equal      
monthly installments.                                                           

 Although I hope to be able to take full advantage of your broad range
of experience and knowledge of the Company, it is understood between us         
that we will make only reasonable demands upon your time and will seek to       
schedule our requests for your counsel so as to accommodate your schedule       
of other activities in retirement.                                              
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 The specific matters on which we will need your help necessarily will
change from time to time.  I anticipate that you and I will talk at least       
quarterly about your then current list of consultative duties. At the outset    
we look forward to your continued participation in (a) our Detroit JOA          
undertaking and I hope you will be willing to serve on the DNA Management       
Committee for at least a year following implementation; (b) our ongoing         
shareholder relations projects (with particular attention to the founding       
families); and (c) the Miami property development project.  I know that there   
will be a number of other key issues where your counsel will be invaluable.     

   Our consulting relationship will preclude you from accepting consulting
assignments and from other companies and from other profit-making activities,   
provided your other assignments and activities do not constitute a conflict     
of interest with Knight-Ridder.                                                 

 The Company will reimburse you, in accordance with its usual policies
and procedures, for your travel and other out of pocket expenses incurred in    
connection with your Knight-Ridder consulting activities, your attending ANPA   
and other industry meetings as long as you are a Knight-Ridder director, and    
your activities as Chairman of the FIU Foundation, Vice Chairman of The Miami   
Coalition, and other civic activities which are of benefit to KRI over the      
next several years.                                                             

In accordance with our historical practice, we will provide you as a
former CEO of the Company with an office and a secretary as long as you want    
them.                                                                           

I am happy we will continue to work together.  If I have accurately 
summarized our understanding, I'd appreciate your signing and returning the     
enclosed copy of this letter to me for the Company's files.                     

                                                Sincerely yours,
                                                Knight- Ridder, Inc.

                                                By:  James K. Batten
                                                   -----------------
                                                 J.K. Batten
                                                     President & CEO

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Agreed:                                                                         

Alvah H. Chapman Jr.                                                            
--------------------                                                            
Alvah H. Chapman, Jr.                                                           
(The initial agreement was for one year and was renewed annually through        
September 30, 1994.  At that time the agreement was extended through          
May 31, 1995.)                                                                

                                                        [Enlarge/Download Table]

                                                                        EXHIBIT  11           
                                                                        -----------           
COMPUTATION OF PER SHARE EARNINGS                                                             
(IN THOUSANDS, EXCEPT PER SHARE DATA)                                                         
                                                                 Year Ended                   
                                                 ------------------------------------------   
                                                  Dec. 25          Dec. 26          Dec. 27   
                                                    1994             1993             1992    
                                                  --------         --------         --------  
                                                                                              
PRIMARY                                                                                       
-------                                                                                       
Average shares outstanding                          53,944           54,851           54,474  

Net effect of dilutive                                                                        
    stock options- based upon the                                                             
     Treasury Stock method                                                                    
     using average market price                        331              481              704  
                                                   --------         --------         -------- 
                TOTAL                                54,275           55,332           55,178 
                                                   ========         ========         ======== 
Income before cumulative effect of                                                            
  changes in accounting principles                 $170,900         $148,089         $146,086 

Cumulative effect of changes in                                                               
  accounting principles                                                                       
     Income taxes                                                                      25,800 
     Postretirement benefits other than pensions                                     (131,000)
                                                   --------         --------         -------- 
             Net Income                            $170,900         $148,089          $40,886 
                                                   ========         ========         ======== 
                                   -137-                                                      

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Earnings per common and common equivalent share                                               
   Income before cumulative effect of                                                         
     changes in accounting principles                 $3.15            $2.68            $2.65 

   Cumulative effect of changes in                                                            
     accounting principles                                                              (1.91)
                                                   --------         --------         -------- 
             Net Income                               $3.15            $2.68            $0.74 
                                                   ========         ========         ======== 
FULLY DILUTED                                                                                 
--------------                                                                                
Average shares outstanding                           53,944           54,851           54,474 

Net effect of dilutive stock                                                                  
  options - based upon Treasury                                                               
  Stock method using the higher                                                               
  of quarter-end or average                                                                   
  market price                                          365              511              806 
                                                   --------         --------         -------- 
                TOTAL                                54,309           55,362           55,280 

                                                   ========         ========         ======== 
Income before cumulative effect of                                                            
  changes in accounting principles                 $170,900         $148,089         $146,086 

Cumulative effect of changes in                                                               
  accounting principles                                                                       
      Income taxes                                                                     25,800 
      Postretirement benefits other than pensions                                    (131,000)
                                                   --------         --------         -------- 
             Net Income                            $170,900         $148,089          $40,886 
                                                   ========         ========         ======== 
Earnings per common and common equivalent share                                               
   Income before cumulative effect of                                                         
     changes in accounting principles                 $3.15            $2.67            $2.64 

   Cumulative effect of changes in                                                            
     accounting principles                                                              (1.90)
                                                   --------         --------         -------- 
             Net Income                               $3.15            $2.67            $0.74 
                                                   ========         ========         ======== 
                                      -138-                                                   

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                                                          EXHIBIT 12
                                                          ----------

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                                                        [Enlarge/Download Table]

COMPUTATION  OF  EARNINGS  TO  FIXED  CHARGES  RATIO                                                      
FROM  CONTINUING  OPERATIONS                                                                              
(IN  THOUSANDS  OF  DOLLARS,  EXCEPT  RATIO  DATA)                                                        

                                                                    YEAR  ENDED                           
                                           -------------------------------------------------------------- 
                                            December 25 December 26  December 27  December 29  December 30
                                              1994        1993         1992         1991         1990     
                                           ----------- -----------  -----------  -----------  ----------- 
                                                                                                          
FIXED  CHARGES  COMPUTATION                                                                               

INTEREST  EXPENSE:                                                                                        

  NET  INTEREST  EXPENSE                    $  44,111   $ 44,992    $   37,629    $  46,701    $  61,672  

  PLUS  CAPITALIZED  INTEREST                     474        120        14,746       22,142       10,131  
                                             --------   --------      --------     --------     --------  
       GROSS  INTEREST  EXPENSE                44,585     45,112        52,375       68,843       71,803  

PROPORTIONATE SHARE OF INTEREST                                                                           
  EXPENSE OF 50% OWNED PERSONS                 12,351     13,608        15,546       15,296       17,599  

INTEREST  COMPONENT  OF                                                                                   
  RENT  EXPENSE                                11,118      9,888         9,826        9,698        9,939  
                                             --------   --------      --------     --------     --------  
       TOTAL  FIXED  CHARGES                $  68,054   $ 68,608    $   77,747    $  93,837    $  99,341  
                                             ========   ========      ========     ========     ========  

                                           -139-                                                          

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EARNINGS  COMPUTATION                                                                                     
---------------------                                                                                     
PRETAX  EARNINGS                          $ 290,070    243,401 $  239,715   $ 210,370   $ 245,942         

     ADD:   FIXED  CHARGES                   68,054     68,608     77,747      93,837      99,341         

              LESS CAPITALIZED INTEREST        (474)      (120)   (14,746)    (22,142)    (10,131)        

     LESS:   DISTRIBUTIONS  IN  EXCESS                                                                    
                OF (LESS THAN)                                                                            
                EARNINGS OF INVESTEES        (4,287)    (4,226)    (1,216)     (6,330)     (1,000)        
                                           --------   --------   --------    --------    --------         

       TOTAL EARNINGS AS ADJUSTED         $ 353,363    307,663 $  301,500   $ 275,735   $ 334,152         
                                           ========   ========   ========    ========    ========         
       RATIO  OF  EARNINGS                                                                                
         TO  FIXED  CHARGES                   5.2:1      4.5:1      3.9:1       2.9:1       3.4:1         
                                           ========   ========   ========    ========    ========         

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                   SUBSIDIARIES OF THE REGISTRANT           Exhibit 21

                                                State/Country of
                                               Incorporation
                                               ---------------

KNIGHT-RIDDER, INC.                                                             
Aberdeen News Company                                  Delaware             
The Beacon Journal Publishing Company                  Ohio                 
Boca Raton News, Inc.                                  Florida              
Boulder Publishing, Inc.                               Colorado             
The Bradenton Herald, Inc.                             Florida              
Circom Corporation                                     Pennsylvania         
Detroit Free Press, Incorporated                       Michigan             
Detroit Newspaper Agency                             Michigan           
                                               (partnership)
Drinnon, Inc.                                          Georgia              
The Gables Publishing Company                          Florida              
Grand Forks Herald, Incorporated                       Delaware             
Gulf Publishing Company, Inc.                          Mississippi          
Journal of Commerce, Inc.                              Delaware             
Transport Group International, Inc.                  Delaware           
Transax Systems Company                            New York         
                                               (partnership)
KR Newsprint Company                                   Florida              
Southeast Paper Manufacturing Co.                    Georgia            
                                               (partnership)
KR Video, Inc.                                         Delaware             
Keynoter Publishing Company, Inc.                      Florida              
Knight News Services, Inc.                             Michigan             
 Knight-Ridder Tribune Information Services           District of Columbia
                                               (partnership)
The Knight Publishing Co.                              Delaware             
Knight-Ridder Business Information Services, Inc.      Delaware             
Knight-Ridder Financial, Inc.                        Delaware           
Commodity News Services (International), Inc.      Delaware         
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Knight-Ridder Financial Holding AEA Company, Inc.  Delaware         
Knight-Ridder Financial AEA, Inc.                Delaware       
Knight-Ridder Financial/JM, Inc.                 Delaware       
Knight-Ridder Financial/Japan, Inc.              Delaware       
Knight-Ridder Financial/Iberica                    Spain            
Knight-Ridder Financial Deutschland GMBH           Germany          
Equinet Pty, Ltd.                                  Australia        
Equinet Information (NZ) Ltd.                    New Zealand    
        RWE Australian Business News Pty. Limited                      Australia
Knight-Ridder Information, Inc.                      California         
      Article Express International, Inc.                               Delaware
Dialog Information Europe, Inc.                    California       
      Dialog Information Services Europe, Ltd.                           England
Infomart/DIALOG Ltd.                               Canada           
Knight-Ridder Compania de Servicios, S.A. de C.V.  Mexico           
Knight-Ridder Informacion, S.A. de C.V.            Mexico           
Knight-Ridder Information, Ltd.                    England          
Knight-Ridder Information SARL                     France           
Knight-Ridder Information GMBH                     Germany          
Knight-Ridder Information AB                       Sweden           
Knight-Ridder Information A.G.                     Switzerland      
Knight-Ridder Information A/S                      Denmark          
    Technimetrics, Inc.                                                 Delaware
Technimetrics                                      England          
Knight-Ridder Cablevision, Inc.                        Florida              
    KRC SNJ, Inc.                                                       Delaware
KRC-NJFT, Inc.                                       Delaware           
TKR Cable Company                                    Colorado           
                                               (partnership)
TKR Cable Partners                                   Colorado           
                                               (partnership)
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Knight-Ridder Investment Company                       Delaware             
Seattle Times Company                                Delaware           
Lexington Herald-Leader Co.                            Kentucky             
MHPC International, Inc.                               Florida              
The Macon Telegraph Publishing Company                 Georgia              
The Miami Herald Publishing Company                       -                 
Newberry Publishing Company, Inc.                      South Carolina       
News Publishing Company                                Indiana              
Fort Wayne Newspapers, Inc.                          Indiana            
Fort Wayne Newspapers Agency                         Indiana            
                                               (partnership)
Nittany Printing and Publishing Company                Pennsylvania         
Northwest Publications, Inc.                           Delaware             
Duluth News-Tribune                                     -               
Saint Paul Pioneer Press                                -               
The Observer Transportation Company                    North Carolina       
Philadelphia Newspapers, Inc.                          Pennsylvania         
Post-Tribune Publishing, Inc.                          Indiana              
PressLink, Inc.                                        Delaware             
The R.W. Page Corporation                              Georgia              
Ridder Publications, Inc.                              Delaware             
KR Land Holding Corporation                          Delaware           
San Jose Mercury News, Inc.                            California           
Silicon Valley D.A.T.A., Inc.                        California         
The State-Record Company, Inc.                         South Carolina       
Sun Publishing Company, Inc.                           South Carolina       
Tallahassee Democrat, Inc.                             Florida              
Tribune Newsprint Company                              Utah                 
Ponderay Newsprint Company                           Washington         
                                               (partnership)
Twin Cities Newspaper Services, Inc.                   Minnesota            
Twin Coast Newspapers, Inc.                            New York             
Long Beach Press-Telegram                                -              
P.T. Sales and Marketing, Inc.                       California         
Wichita Eagle and Beacon Publishing Company, Inc.      Kansas               

Note:  "-" indicates that the subsidiary listed is a division, not a            
legal entity.                                                     

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                                          Exhibit 23
                                          ----------

CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS           

We consent to the incorporation by reference in Registration Statement No.      
33-11021 on Form S-3 dated December 22, 1986, in Registration Statement         
No. 33-28010 on Form S-3 dated April 7, 1989, in Registration Statement         
No. 33-31747 on Form S-8 dated October 30, 1989, in Registration                
Statement No. 33-69206 on Form S-8 dated May 18, 1993, and in the related       
Prospectuses, of our report dated January 31, 1995, with respect to the         
consolidated financial statements and schedule of Knight-Ridder, Inc.           
incorporated by reference and included in this Annual Report (Form 10-K) for    
the year ended December 25, 1994.                                               

Ernst & Young LLP                                                               

Miami, Florida                                                                  
March 23, 1995                                                                  

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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Gonzalo F. Valdes-Fauli                           Date:  March 24, 1995         
-----------------------                           ----------------------        
Gonzalo F. Valdes-Fauli                                                         
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Barbara Barnes Hauptfuhrer                          Date: March 24, 1995        
----------------------------                        ---------------------       
Barbara Barnes Hauptfuhrer                                                      
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Alvah H. Chapman, Jr.                               Date: March 24, 1995        
----------------------                              --------------------        
Alvah H. Chapman, Jr.                                                           
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Peter C. Goldmark, Jr.                               Date: March 24, 1995     
 ---------------------                                      --------------------
Peter C. Goldmark, Jr.                                                        
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

William S. Lee                                        Date: March 24, 1995      
--------------                                              --------------------
William S. Lee                                                                  
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

John L. Weinberg                                    Date: March 24, 1995        
-----------------                                          ---------------------
John L. Weinberg                                                                
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Ben R. Morris                                      Date: March 24, 1995         
---------------                                    ---------------------        
Ben R. Morris                                                                   

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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Eric Ridder                                       Date: March 24, 1995          
-------------                                                -------------------
Eric Ridder                                                                     
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

James K. Batten                                   Date: March 24, 1995          
-----------------                                 --------------------          
James K. Batten                                                                 
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Joan Ridder Challinor                          Date: March 24, 1995             
----------------------                         --------------------             
Joan Ridder Challinor                                                           
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Jesse Hill, Jr.                                 Date: March 24, 1995            
---------------                                 --------------------            
Jesse Hill, Jr.                                                                 

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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

C. Peter McColough                            Date: March 24, 1995              
------------------                           ----------------------             
C. Peter McColough                                                              
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Thomas L. Phillips                             Date: March 24, 1995             
-------------------                            ---------------------            
Thomas L. Phillips                                                              
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

P. Anthony Ridder                           Date: March 24, 1995                
-------------------                         ---------------------               
P. Anthony Ridder                                                               
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                                                        Exhibit 24
                                                         -----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Barbara Knight Toomey                       Date: March 24, 1995                
----------------------                      --------------------                
Barbara Knight Toomey                                                           
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                                                        Exhibit 24
                                                        ----------

   POWER OF ATTORNEY

The undersigned member of the Board of Directors of Knight-Ridder, Inc.         
hereby constitutes and appoints John C. Fontaine, Ross Jones, and Gary R.       
Effren and each of them severally, his true and lawful attorneys-in-fact and    
agents, with full power of substitution and resubstitution for him and in his   
name, place and stead, in any and all capacities to sign any and all Reports    
on Form 10-K (Annual Report pursuant to the Securities Exchange Act of 1934)    
and any amendments thereto, and to file the same, with all exhibits thereto     
and other documents in connection therewith, with the Securities and Exchange   
Commission, granting unto said attorneys-in-fact and agents, and each of        
them, full power and authority to do and perform each and every act and thing   
requisite or necessary to be done in and about the premises, as fully to all    
intents and purposes as he might or could do in person, hereby ratifying and    
confirming all that said attorneys-in-fact and agents or any of them, or        
their or his substitute or substitutes, may lawfully do or cause to be done     
by virtue hereof.                                                               

Randall L. Tobias                           Date:  March 24, 1995               
------------------                          ---------------------               
Randall L. Tobias                                                               
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                                              EXHIBIT 27
                                              ----------

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		4/15/09		91
		9/1/01		91
		9/1/98		91
		4/9/98		91					DEFA14A
		7/10/96		99					8-A12B,  8-K
		4/15/96		91
		5/31/95		143
		5/5/95		2
Filed on:		3/24/95		2		167			DEF 14A
		3/23/95		151
		2/26/95		2
		1/31/95		112		151
		1/30/95		41
		1/20/95		91
		12/26/94		24
For Period End:		12/25/94		1		151
		9/30/94		15		143
		8/30/94		36
		6/28/94		43
		6/26/94		11		43			10-Q
		3/31/94		18		24
		3/27/94		21					10-Q
		3/23/94		122					10-K
		1/15/94		91
		1/1/94		8		122
		12/31/93		36
		12/27/93		24
		12/26/93		80		131			10-K
		9/30/93		15
		7/19/93		122
		6/26/93		11
		5/18/93		151
		3/31/93		18		24
		3/27/93		21
		1/1/93		56
		12/27/92		80		131
		9/30/92		15
		9/15/92		40		110
		6/26/92		11
		3/31/92		18		24
		3/27/92		21
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