NEWS RELEASE Exhibit 99.1

KNIGHT RIDDER
50 WEST SAN FERNANDO ST.
SAN JOSE, CA 95113

Knight Ridder Reports Second Quarter Earnings

     SAN JOSE, July 22, 2004 – Knight Ridder (NYSE: KRI) earned $1.08 per diluted share for the second quarter, up 13.7% from $.95 in the second quarter of 2003.

     Included in the quarter’s earnings per share are $.06 from the resolution of prior-year tax issues, including interest, and $.04 from favorable adjustments in Detroit, primarily post-retirement benefits.

     Total advertising revenue for the quarter was $591.7 million, up 2.3% from $578.5 million in the same quarter of 2003. Total operating revenue was $760.2 million, up 2.2% from $744.0 million in the same quarter last year. Total operating profit for the quarter was $155.0 million, up 2.8% from $150.8 million in the second quarter of 2003. Net income of $86.3 million was up 11.7% from $77.2 million in the same quarter the previous year.

     Commenting on the results, Knight Ridder Chairman and CEO Tony Ridder said, “Despite respectable bottom-line results, the operating components of those results were not what we had hoped for. Sluggish department store advertising and negative growth in the national category offset continued strength in real estate and the ongoing resurgence in help wanted.

     “June, with ad revenue growth of 3.2%, was the strongest month in the quarter. With respect to retail and classified, June showed some improvement over April and May. However, the year is unfolding with more consistency than meets the eye. Packaging March and April as one, because of the early Easter, suggests that we’ve been up about 3% for each of the past four months compared to the prior year.

     “In the quarter, our sixteen smaller markets showed a combined ad revenue increase of 6.0%, with half of them rising between 7.3% and 12.1%. Real estate for the company was up 6.5% in the quarter, and help wanted was up 15.9%.

     “Also in the quarter, Knight Ridder Digital revenue was up 50.7%, and its operating income rose from $3.4 million to $9.7 million.

     “The newspaper revenue initiatives that we have in place, with a target of $30 million this year, continue to perform ahead of plan, as reported at last month’s Mid-Year Media Review (the presentation remains available on our Web site, in the Investing section), and our cost initiatives are doing likewise. Costs for the quarter were up just 2%, with FTEs down 1.5%.

     “Looking ahead, we are cautious. We expect ad revenue growth to track in the second half about as it has in the most recent four months. Our cost containment efforts will continue to be rigorous.”

Comment on Operations

     Knight Ridder Chief Financial Officer Gary Effren said, “ The second quarter, skewed by the negative impact of Easter on April, concluded with retail up 0.2%. National – fighting 20-plus-percent comparisons with the same quarter last year – was down 2.6%. Classified was up 7.2%, with auto down 1.2%.

     “In the quarter, all but two of our markets showed ad revenue increases: St. Paul was up 5.8%, Fort Worth was up 3.5%, Kansas City was up 3.2% and Charlotte was up 2.3%. Miami and San Jose were up slightly. Philadelphia was down 1.6% in the quarter.

     “Retail was up for the quarter between 1.7% and 2.1% in Charlotte, Contra Costa, Fort Worth and Kansas City. It was down 6.2% in Miami because of store closings by Kmart and Lord & Taylor as well as consolidation between Macy’s and Burdines. San Jose retail was down 4.1%, due primarily to Kmart’s reduced spending.

     (For the record, Kmart has closed all its stores in Fort Worth and San Jose, some stores in Miami and Charlotte, and reduced spending wherever it still has a presence. The closings in Fort Worth occurred mostly in 2003 and so were cycled by Q2 ’04. The changes in the other markets had important negative impact on Q2 2004.)

     “Within retail, softness in the department store category (down 11%), reductions from Kmart and declines from Eckerd’s Drugs due to its impending sale, were offset by growth in preprints, local retail advertising and growth in some key categories.

     “In the largest markets, national was mostly soft: Contra Costa down 18.6%, Philadelphia down 7.9%, San Jose down 5.0%, Kansas City down 6.8%, Fort Worth down 2.1%, Charlotte down 0.7%. Miami was up 0.4%. Three other markets showed impressive gains: Columbia was up 18.6%, Akron was up 8.7%, and St. Paul was up 6.4%. National auto, pharmaceutical and financial were strong. Telecom, computers, travel and entertainment were not.

     “In classified, all but one of our markets were up, mostly in the high single digits. Employment increases were dramatic: Contra Costa up 25.1%, San Jose up 24.7%, Miami up 22.0%, St. Paul up 20.1%, Fort Worth, up 17.2%, Charlotte, up 15.8%, Kansas City up 15.3%. Philadelphia employment continues to lag, down 3.4% for the quarter – a major contributor to Philadelphia’s underperformance.

     “Real estate was up in most of our large markets, with San Jose and Charlotte the exceptions. Classified auto was up 12.4% in Contra Costa, 5.1% in Kansas City and 3.9% in San Jose. Otherwise, it was mostly soft.

     “Circulation revenue for the quarter was down 2.5%, primarily due to discounting. For the quarter, circulation copies were down daily 0.3% and Sunday 0.5%. For the year to date, daily was down 0.7% and Sunday was down 0.4%.

     “Other revenue was up $6.5 million, or 25.6%, $4.9 million of which was the favorable adjustments in Detroit.

     “Cost control benefited from the ongoing contributions of our Operations Task Force, convened more than a year ago to look continuously for ways to save money. Labor was up 1.6%, benefits were up 5.4%. Newsprint, ink and supplements were up 4.3%, including a 6.9% increase in the average newsprint price per ton, on a consumption decrease of 0.6%.

     “Below the operating line, we have three salient favorable variances: (1) Net interest expense was down $4.8 million, or 28.2%, due to lower interest rates, (2) the capitalization of interest related to our Kansas City plant, and (3) the interest portion related to the previously mentioned resolution of prior-year tax issues ($2 million of the $4.8 million total). Other net expense was down 71.6%, primarily due to an investment write-down in the second quarter of 2003.

     “On the other hand, losses from equity investments were slightly higher, as improved results from our newsprint mill investments were not enough to offset declines from the Seattle Times and Classified Ventures.

     “During the quarter, we repurchased approximately 1.0 million shares of Knight Ridder stock, leaving remaining authorization to repurchase 1.2 million shares at quarter’s end. Shares outstanding at the end of the quarter were 78.2 million.

     “Total debt at quarter’s end was $1.485 billion, up $31.7 million from the start of the year. Cash and cash equivalents at the end of the quarter were $30.0 million. The effective tax rate for the quarter was 35.0%. For the year as a whole, we are currently projecting a tax rate of about 37%.”

     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 the nation’s second-largest newspaper publisher, with products in print and online. The company publishes 31 daily newspapers in 28 U.S. markets, with a readership of 8.7 million daily and 12.6 million Sunday. Knight Ridder also has investments in a variety of Internet and technology companies and 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 100 U.S. markets. Knight Ridder and Knight Ridder Digital are headquartered in San Jose, Calif.

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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						Two Quarters Ended
	June 27 2004			June 29 2003			June 27 2004			June 29 2003
OPERATING REVENUE
Advertising
Retail	$	267,925		$	267,298		$	509,769		$	508,664
National		97,439			100,010			191,484			189,415
Classified		226,349			211,216			438,338			417,191
Total		591,713			578,524			1,139,591			1,115,270
Circulation		136,406			139,869			275,615			281,796
Other		32,097			25,559			57,281			46,199
Total Operating Revenue		760,216			743,952			1,472,487			1,443,265
OPERATING COSTS
Labor and employee benefits		301,071			294,053			607,030			585,149
Newsprint, ink and supplements		98,911			94,798			193,799			185,898
Other operating costs		179,085			174,488			353,072			351,043
Depreciation and amortization		26,140			29,819			52,517			59,830
Total Operating Costs		605,207			593,158			1,206,418			1,181,920
OPERATING INCOME		155,009			150,794			266,069			261,345
OTHER EXPENSE
Interest expense, net of interest income		(13,244	)		(17,144	)		(27,387	)		(34,963	)
Interest expense capitalized		1,142			284			2,116			344
Interest expense, net		(12,102	)		(16,860	)		(25,271	)		(34,619	)
Equity in losses of unconsolidated
companies and joint ventures		(7,006	)		(6,366	)		(15,073	)		(16,790	)
Minority interests in consolidated subsidiaries		(2,572	)		(2,772	)		(4,484	)		(5,467	)
Other, net		(528	)		(1,862	)		(767	)		(847	)
Total Other Expense		(22,208	)		(27,860	)		(45,595	)		(57,723	)
Income before income taxes		132,801			122,934			220,474			203,622
Income taxes		46,539			45,716			78,274			75,732
Net Income	$	86,262		$	77,218		$	142,200		$	127,890
NET INCOME PER SHARE
Basic	$	1.10		$	0.96		$	1.81		$	1.58
Diluted	$	1.08		$	0.95		$	1.78		$	1.56
DIVIDENDS DECLARED PER COMMON SHARE	$	0.32		$	0.27		$	0.64		$	0.54
AVERAGE SHARES OUTSTANDING
Basic		78,497			80,529			78,751			80,853
Diluted		79,789			81,484			80,064			81,780

Knight Ridder
Business Segment Information
(in thousands of dollars)

	Quarter Ended						Two Quarters Ended
	June 27, 2004			June 29, 2003			June 27, 2004			June 29, 2003
Operating revenue
Newspapers	$	731,207		$	724,701		$	1,419,024		$	1,406,860
Online		29,009		$	19,251			53,463			36,405
	$	760,216		$	743,952		$	1,472,487		$	1,443,265
Operating income (loss)
Newspapers	$	156,218		$	158,509		$	272,580		$	276,093
Online		9,717			3,399			16,423			5,441
Corporate		(10,926	)		(11,114	)		(22,934	)		(20,189	)
	$	155,009		$	150,794		$	266,069		$	261,345
Depreciation and amortization
Newspapers	$	24,155		$	27,399		$	48,313		$	54,944
Online		680			1,031			1,668			2,103
Corporate		1,305			1,389			2,536			2,783
	$	26,140		$	29,819		$	52,517		$	59,830