Exhibit 99.1

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports Third Quarter Results

SAN JOSE, Oct. 14, 2005 – Knight Ridder earned $3.56 per diluted share for the third quarter, up $2.57, or 259.6%, from $0.99 in the third quarter of 2004. Net income of $253.2 million was up 229.3%. Included in these results are $207.9 million, or $2.92 per diluted share, from gains on the sale of our interest in Detroit Newspapers, the Detroit Free Press and the Tallahassee Democrat and $0.02 per diluted share as a result of classifying these entities as discontinued operations.

On July 31, we sold the Detroit Free Press and our 50% interest in Detroit Newspapers for cash. On Aug. 29, we acquired The (Boise) Idaho Statesman, The (Olympia, Wash.) Olympian and The Bellingham (Wash.) Herald in exchange for the Tallahassee (Fla.) Democrat and cash. Accordingly, results from Detroit for one month of the quarter and results from Tallahassee for two months are included as discontinued operations. Results from the acquired newspapers are included for September only.

Earnings per diluted share from continuing operations were $0.61, including severance costs of $0.08 per diluted share for work force reductions in Philadelphia and San Jose and $0.02 per diluted share from the favorable resolution of prior years’ tax issues. This compares to $0.93 from last year’s continuing operations, which included $0.11 from the favorable resolution of prior years’ tax issues. These results are slightly better than previous guidance.

Total advertising revenue for the quarter was $571.5 million, up $16.8 million, or 3.0%, from $554.8 million in the third quarter of last year. Without the acquired newspapers, total advertising revenue would have been $565.0 million, up 1.8% from the third quarter in the prior year.

Total operating revenue was $723.8 million, up $15.9 million, or 2.2%. Without the acquired newspapers, total operating revenue would have been $715.6 million, up 1.1% from the third quarter in the prior year.

Commenting on the results, Knight Ridder Chairman and CEO Tony Ridder said, “While the fundamentals of this quarter were disappointing, we took important steps to position our company for a strong future in both print and online publishing, and our accomplishments were significant. We acquired three newspapers with solid business records and prospects in markets that are growing, and we exited the joint operating arrangement we had with Gannett in Detroit.

“At the corporate level, we completed a $400 million debt offering, and we announced our intention to repurchase an additional 10 million shares of Knight Ridder stock over the course of the next six to nine months. We announced in September staff reductions in two of our largest newspaper operations. At the same time, we are expanding our online operations and targeted publications.

“When you strip away the complexities associated with our asset sales and acquisitions, the story of the quarter is relatively simple: Excluding the acquired newspapers, total operating revenue was up 1.1% and costs – in a stark aberration from our normal pattern – were up 7.0% (or 5.5% if you exclude severance costs of $8.6 million). That level of cost increase will not be repeated in the fourth quarter.

“The primary components of the cost increases, excluding the acquired newspapers, were benefit expense, newsprint and certain promotion and volume-related expenses associated with revenue growth.

“Labor and employee benefits, without severance, were up 4.9%, but within that, a combination of pension expense and health insurance accounted for two-thirds of the increase. While pension expense is an ongoing issue, health and welfare reflects the cycling of a one-time credit from last year. Wages and salaries were up just 2.2% with FTEs virtually flat. And I say that with the important proviso that we continue to add people where they can contribute to growth: in core newspaper sales, in online and in targeted publishing.

“Newsprint, ink and supplements, up 7.2%, includes a 10.8% increase in the cost per ton of newsprint, a 3.8% drop in consumption, and a 22.3% rise in supplements (primarily associated with our targeted publications effort). Other operating costs were up 6.5%. Nearly two-thirds of it was driven by promotion and other revenue-generating expenses. In Biloxi, the impact of Hurricane Katrina on the quarter was negative by about $400,000, which is approximately the extent of our deductible.

“In the fourth quarter, excluding the acquired newspapers, we expect year-over-year cost increases to be up about 1% with depreciation playing a major role. We will begin depreciating a portion of our new plant in Kansas City in the fourth quarter. We expect other operating expenses to be below last year.

“Turning to revenue, retail and classified advertising were the softest we have seen all year – up 1.0% and up 3.2%, respectively. National advertising was up 0.7%. We were encouraged that September ad revenues were better than August, which was one of the softest months of the year.

“Trend lines in the major revenue categories were much as they have been all year. Declines in department stores, home electronics and grocery negatively impacted retail. In national, technology and entertainment were particularly soft. Classified for the quarter was strong in employment (driven by our online services) – and real estate, but once again, very soft in auto.

“Our digital operations continue to expand exponentially. For the quarter, excluding the acquired newspapers, online ad revenue was up 51.8%; for the year to date it is up 53.6%. Likewise, our weeklies, free dailies, shoppers and targeted print publications, in the aggregate, continue to show revenue increases in the double digits.

“Interest expense was up, reflecting both higher rates and increased borrowing. Losses from equity investments decreased, reflecting improvement in the returns from our investments in two newsprint mills, CareerBuilder and the Seattle Times Co.

“As a part of our share repurchase program, we said that half of the repurchase, or 5 million shares, would be accomplished through an accelerated share buyback (ASB). This approach has the effect of removing the shares from the company’s books on the day the transaction takes place at a cost per share that ultimately approximates the average stock price for the period during which repurchases take place. We expect that the bulk of these repurchases will be made by year end.

“During the quarter, we reduced the shares outstanding by approximately 6.5 million, including the ASB, bringing to 9.5 million the total reduction in shares outstanding this year. At quarter’s end, there were approximately 67.5 million shares outstanding. We will expect to make continued aggressive share repurchases during the fourth quarter.”

Comment on Operations

Steve Rossi, Knight Ridder senior vice president and chief financial officer, said, “For the quarter, total advertising revenue was up 3.0%. Retail was up 2.2%. National was up 0.9%. Classified was up 4.8%. Employment advertising was up 16.1%; real estate was up 9.8%; auto was down 10.0%. Excluding the acquired newspapers, employment was up 14.7%; real estate was up 8.6%; auto was down 10.8%.

“Year to date, total ad revenue is up 2.7%. Retail is up 2.4%. National is down 0.4%. Classified is up 4.5%. Employment is up 15.4%. Real estate is up 8.1%. Auto is down 7.6%. Year to date, excluding the acquired newspapers, total ad revenue is up 2.4%. Retail is up 2.0%. National is down 0.5%. Classified is up 3.9%. Employment is up 14.9%. Real estate is up 7.7%. Auto is down 7.9%.

“Total ad revenue was up 2.1% in July, 1.2% in August, and excluding the acquired newspapers, 2.2% in September.

“For the quarter, St. Paul showed the greatest ad revenue increase, up 8.1%. San Jose and Contra Costa followed, each with an increase of 6.6%. Miami was up 5.2% and Charlotte was up 3.0%. Philadelphia was down 4.8% and Kansas City was down 2.9%. Fort Worth was flat.

“Retail was strongest in San Jose and St. Paul, up 21.4% and 7.3%, respectively. It was up 5.3% in Charlotte, 3.9% in Contra Costa and 2.0% in Fort Worth. Philadelphia, Miami and Kansas City were down 5.5%, 4.6% and 4.2%, respectively. For the quarter, general merchandise, home furnishings, drug stores, home improvement and office supplies all showed increases.

“National advertising for the quarter was up 16.9% in Contra Costa, 10.3% in Charlotte, 8.9% in St. Paul, 5.8% in San Jose, 3.2% in Fort Worth and 2.4% in Miami. It was down 10.0% in Kansas City and 9.9% in Philadelphia. Overall, modest increases in financial, pharmaceuticals and preprints were offset by declines in technology, telecommunications, airlines, entertainment and auto.

“Classified performed much as it has all year. Employment and real estate were strong pretty much across the board; auto was uniformly disappointing. Employment in the large markets was up 11.9%; in the mid-sized and smaller markets, it was up 24.5%. Real estate was up 6.8% in the larger markets; it was up 10.4% in the mid-sized and smaller markets. Auto was down low double digits in both.

“Circulation revenue, excluding the acquired newspapers, was down 2.3% for the quarter (and down 3.0% for the year to date).

“Total debt at quarter’s end was $2.0 billion, up approximately $.5 billion from year end 2004. The effective tax rate from continuing operations for the quarter was 36.4%.”

Certain statements contained in this report are forward-looking. They are based on management’s current knowledge of factors affecting Knight Ridder’s business. Actual results could differ materially from those currently anticipated, depending upon – but not limited to – the effects of interest rates, of national and local economies on revenue, of the evolution of the Internet, of unforeseen changes in the price of newsprint and of negotiations and relations with labor unions.

Knight Ridder (NYSE: KRI) is one of the nation’s leading providers of news, information and advertising, in print and online. The company publishes 32 daily newspapers in 29 U.S. markets, with a readership of 8.5 million daily and 11.0 million Sunday. It has Web sites in all of its markets and a variety of investments in Internet and technology companies. It publishes a growing portfolio of targeted publications and maintains investments in two newsprint companies. The company’s Internet operation, Knight Ridder Digital, develops and manages the company’s online properties. It is the founder and operator of Real Cities (www.RealCities.com), the largest national network of city and regional Web sites in more than 110 U.S. markets. Knight Ridder and Knight Ridder Digital are headquartered in San Jose, Calif.

(FR)

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For more information, call Vice President/Corporate Relations Polk Laffoon at 408-938-7838 (e-mail: plaffoon@knightridder.com), or Director/Corporate Communications Lee Ann Schlatter at 408-938-7839 (e-mail: lschlatter@knightridder.com), or visit Knight Ridder’s Web site at www.knightridder.com.

KNIGHT RIDDER

CONSOLIDATED STATEMENT OF INCOME

(Unaudited - in thousands, except per share data)

	Quarter Ended						Three Quarters Ended
	September 25, 2005			September 26, 2004			September 25, 2005			September 26, 2004
OPERATING REVENUE
Advertising
Retail	$	253,315		$	247,855		$	768,461		$	750,325
National		87,493			86,678			275,707			276,830
Classified		230,733			220,256			681,316			652,244
Total		571,541			554,789			1,725,484			1,679,399
Circulation		130,300			131,699			392,980			403,405
Other		22,000			21,479			65,667			63,038
Total Operating Revenue		723,841			707,967			2,184,131			2,145,842
OPERATING COSTS
Labor and employee benefits		312,090			286,283			917,905			886,517
Newsprint, ink and supplements		101,875			94,257			302,167			285,995
Other operating costs		189,820			177,222			554,051			525,907
Depreciation and amortization		23,806			23,731			71,148			75,652
Total Operating Costs		627,591			581,493			1,845,271			1,774,071
OPERATING INCOME		96,250			126,474			338,860			371,771
OTHER EXPENSE
Interest expense		(25,621	)		(12,619	)		(67,399	)		(40,097	)
Interest income		85			52			184			143
Interest expense capitalized		1,552			1,384			5,067			3,500
Interest expense, net		(23,984	)		(11,183	)		(62,148	)		(36,454	)
Equity in losses, net of earnings of unconsolidated companies and joint ventures		(2,274	)		(5,936	)		(14,974	)		(21,010	)
Minority interest in earnings of consolidated subsidiaries		(1,738	)		(2,198	)		(5,759	)		(6,682	)
Other, net		378			(135	)		927			(902	)
Total Other Expense		(27,618	)		(19,452	)		(81,954	)		(65,048	)
Income before income taxes		68,632			107,022			256,906			306,723
Income taxes		24,995			34,774			85,259			105,030
Income from Continuing Operations		43,637			72,248			171,647			201,693
Gain on sale of discontinued Detroit and Tallahassee operations, net of income taxes		207,850			—			207,850			—
Income from discontinued Detroit and Tallahassee operations, net of income taxes		1,710			4,631			8,595			17,386
Net Income	$	253,197		$	76,879		$	388,092		$	219,079
Earnings Per Share
Basic:
Income from continuing operations	$	0.62		$	0.94		$	2.34		$	2.58
Net gain on sale of discontinued Detroit and Tallahassee operations		2.94			—			2.83			—
Income from discontinued Detroit and Tallahassee operations, net		0.02			0.06			0.12			0.22
Net Income	$	3.58		$	1.00		$	5.28		$	2.80
Diluted:
Income from continuing operations	$	0.61		$	0.93		$	2.32		$	2.54
Net gain on sale of discontinued Detroit and Tallahassee operations		2.92			—			2.81			—
Income from discontinued Detroit and Tallahassee operations, net		0.02			0.06			0.12			0.22
Net Income	$	3.56		$	0.99		$	5.25		$	2.76
AVERAGE SHARES OUTSTANDING (000s)
Basic		70,684			77,258			73,437			78,253
Diluted		71,080			77,936			73,963			79,354

Knight Ridder Consolidated

Consolidated Income Statement

(In 000s, except Share Data)

	Quarter 1, 2004			Quarter 2, 2004			Quarter 3, 2004			Quarter 4, 2004			Year 2004			Quarter 1, 2005			Quarter 2, 2005			Quarter 3, 2005			Three Quarters ended September 25, 2005
OPERATING REVENUE -
Advertising
Retail	$	238,468		$	264,002		$	247,855		$	321,494		$	1,071,819		$	245,462		$	269,684		$	253,315		$	768,461
National		93,333			96,819			86,678			113,982			390,812			95,059			93,155			87,493			275,707
Classified		208,900			223,088			220,256			204,208			856,452			217,558			233,025			230,733			681,316
Total		540,701			583,909			554,789			639,685			2,319,084			558,079			595,864			571,541			1,725,484
Circulation		137,236			134,470			131,699			132,664			536,069			132,270			130,410			130,300			392,980
Other Revenue		20,523			21,036			21,479			23,123			86,161			21,426			22,241			22,000			65,667
Total Operating Revenue		698,460			739,415			707,967			795,472			2,941,314			711,775			748,515			723,841			2,184,131
OPERATING COSTS -
Labor & Employee Benefits		302,531			297,703			286,283			307,397			1,193,914			307,090			298,725			312,090			917,905
Newsprint, Ink & Supplements		93,884			97,854			94,257			105,903			391,898			96,393			103,899			101,875			302,167
Other Operating Costs		171,857			176,828			177,222			189,481			715,388			179,529			184,702			189,820			554,051
Depreciation & Amortization		26,083			25,838			23,731			24,127			99,779			23,660			23,682			23,806			71,148
Total Operating Costs		594,355			598,223			581,493			626,908			2,400,979			606,672			611,008			627,591			1,845,271
OPERATING PROFIT		104,105			141,192			126,474			168,564			540,335			105,103			137,507			96,250			338,860
OTHER INCOME (EXPENSE)
Interest Expense		(14,196	)		(13,282	)		(12,619	)		(14,500	)		(54,597	)		(18,889	)		(22,889	)		(25,621	)		(67,399	)
Capitalized interest exp		974			1,142			1,384			1,246			4,746			1,679			1,836			1,552			5,067
Interest Income		53			38			52			87			230			43			56			85			184
Interest Expense, Net		(13,169	)		(12,102	)		(11,183	)		(13,167	)		(49,621	)		(17,167	)		(20,997	)		(23,984	)		(62,148	)
Losses from Equity Investment		(8,067	)		(7,007	)		(5,936	)		(2,873	)		(23,883	)		(9,132	)		(3,568	)		(2,274	)		(14,974	)
Minority Interest Expense		(1,912	)		(2,572	)		(2,198	)		(3,229	)		(9,911	)		(1,710	)		(2,311	)		(1,738	)		(5,759	)
Other, net		(239	)		(528	)		(135	)		370			(533	)		632			(83	)		378			927
Pretax Income		80,718			118,983			107,022			149,665			456,388			77,726			110,548			68,632			256,906
Income Taxes		29,051			41,205			34,774			52,687			157,717			20,648			39,616			24,995			85,259
Net Income from Cont Ops		51,667			77,778			72,248			96,978			298,671			57,078			70,932			43,637			171,647
Discontinued operations		4,270			8,485			4,631			10,186			27,572			3,421			3,464			209,560			216,445
Net Income after disc ops	$	55,937		$	86,263		$	76,879		$	107,164		$	326,243		$	60,499		$	74,396		$	253,197		$	388,092
Diluted:
Shares (in 000’s)		80,338			79,789			77,936			77,737			78,950			76,279			74,530			71,080			73,963
EPS
GAAP - as reported	$	0.70		$	1.08		$	0.99		$	1.38		$	4.13		$	0.79		$	1.00		$	3.56		$	5.25
Discontinued operations		0.05			0.11			0.06			0.13			0.35			0.05			0.05			0.02			0.12
Gain on sale of Detroit																							1.60			1.54
Gain on sale of Tallahassee																							1.32			1.27
EPS from continuing operations		0.64			0.97			0.93			1.25			3.78			0.75			0.95			0.61			2.32
One-time items
Settlement of prior years’ tax issues		0.00			0.06			0.11			0.09			0.26			0.10			0.03			0.02			0.16
Severance																							(0.08	)		(0.09	)
Adjusted EPS	$	0.64		$	0.91		$	0.81		$	1.16		$	3.52		$	0.65		$	0.92		$	0.67		$	2.25