<PAGE>
                                                                  EXHIBIT: 10.48

                                 PULITZER INC.
                            STOCK OPTION CERTIFICATE

This Certificate represents an option ("Option") to purchase shares of common
stock of Pulitzer Inc. (the "Company") granted to you on 12/10/2003 under the
Pulitzer Inc. 2003 Incentive Plan (the "Plan"). The basic features of this
Option grant are indicated below (and are subject to correction by the Company
if and to the extent this Certificate does not accurately reflect the terms of
the Option grant). This Option is governed by the terms and conditions of the
official Plan document. To accept this Option and its terms, you must sign and
return one copy of this Certificate to Pulitzer Inc., 900 North Tucker
Boulevard, St. Louis, Missouri 63101, Attention: Mr. James V. Maloney. By
executing this certificate, you acknowledge receipt of the Plan document and the
Summary Description of the Plan.

        Name of Optionee:  Robert C. Woodworth

  Social Security Number:

              Grant Date:  December 10, 2003

        Number of Shares:  62,333

Exercise Price per Share:  $52.9200

        Vesting Schedule:  Annual 1/3 increments for each year of continuing
                           service from date of grant per table below.


<TABLE>
<CAPTION>
                                 INCREMENTAL      AGGREGATE
                  DATE             VESTING         VESTING
                  ----           -----------      ---------
               <S>               <C>              <C>
               12/10/2004          20,778            20,778
               12/10/2005          20,777            41,555
               12/10/2006          20,778            62,333
</TABLE>

Termination of Employment: Death, disability, retirement after age 65 or with
                           Company consent--vesting accelerates; 3 years to
                           exercise

                           Other termination of employment-- forfeit non-vested
                           options; 60 days to exercise vested options

    Expiration of Option:  December 10, 2013--even if still employed or
                           post-termination exercise period (see above) is still
                           open

Accepted and Agreed to by:                      PULITZER INC.



Signature: /s/ Robert C. Woodworth              By: /s/ James V. Maloney
           ---------------------                   -----------------------------
           Robert C. Woodworth                      James V. Maloney, Secretary

<PAGE>
                                                               FORM OF EXHIBIT A


                  CRITERIA FOR VESTING PERFORMANCE BASED EQUITY



Objective Criteria*


1.       Grow newspaper advertising revenue minus employment revenue during the
         measurement period** at a rate equal to or in excess of the growth rate
         of the Advertising Revenue Benchmark (as hereinafter defined). The
         Advertising Revenue Benchmark is defined as the average annual
         percentage change in NAA newspaper advertising revenue minus employment
         revenue from year to year during the three years included in the
         measurement period.

2.       Improve consolidated operating profit margins*** from the percentage
         margin in fiscal 2003 to at least _______% [to be fixed by Compensation
         Committee] for the 2006 fiscal year.

Subjective Criteria

1.       Management of the Company's business and assets in a manner that
         enhances shareholder value, considering the Objective Criteria and such
         other factors and measurements as the Committee deems appropriate.

2.       Maintaining and enhancing the Company's reputation for journalistic
         excellence.

3.       Success in corporate governance, including an effective relationship
         with the Company's Board of Directors and shareholders.

4.       Building and retaining an effective management team to help ensure the
         Company's success.

         If both of the Objective Criteria are met, all options and restricted
share units subject to the application of the Performance Vesting Criteria will
automatically vest. If both of the Objective Criteria are not met, none of the
options or restricted share units will automatically vest, but the Committee in
its discretion may vest all, some or none of the options or units based on its
review of the executive's satisfaction of the Subjective Criteria.

         All options and/or units that do not vest based on performance during
the measurement period will vest on December 31, 2009, subject to the
executive's continuing employment and acceleration under the customary terms of
the executive's stock option and restricted stock unit award agreements.


----------

*        In determining whether the Objective Criteria have been satisfied
         appropriate adjustments will be made for any acquisitions or
         dispositions during the measurement period.

**       Measurement period is the three year period beginning January 1, 2004
         and ending December 31, 2006.

***      Operating profit to revenues with Pulitzer's share of Tucson results
         included in both operating profits and revenues.