Exhibit 14


                                  KNIGHT RIDDER
                             CODE OF BUSINESS ETHICS


                                  INTRODUCTION

         Knight Ridder is committed to the highest standards of ethical behavior
and integrity. This commitment is pledged in The Knight Ridder Promise to our
customers, employees, shareholders, communities and society. Given the nature of
our businesses, it is imperative that our behavior not give rise to even an
appearance of misconduct or impropriety.

         The potential for conflict between personal and business interests is
ever present; laws that regulate business conduct are pervasive. It is helpful
to lay out guidelines for areas that are susceptible to controversy, and many
Knight Ridder companies have done so. This Code of Business Ethics is not
intended to replace these guidelines. It does, however, reaffirm Knight Ridder's
values.

         Of course, no set of rules can cover all possible situations. Just as
Knight Ridder's continued success depends upon the collective efforts of its
employees, so the Company must rely upon employees' good faith, good judgment
and high moral standards as the principal guide to ethical conduct.

         The Code applies to all Knight Ridder employees who are not covered by
a collective bargaining agreement or who are covered by a collective bargaining
agreement that permits application of the Code to covered employees. In the case
of other employees, the Code represents suggestions by Knight Ridder which
management of Knight Ridder companies and appropriate bargaining representatives
may wish to consider when they discuss local codes of appropriate behavior.

         The Code also should guide the behavior of family, business associates
and others with whom covered employees share close relationships to the extent
the employee is in a position to influence that behavior and it may reflect on
the employee or Knight Ridder.


                      CONFLICT OF INTEREST AND SELF-DEALING

         Knight Ridder requires that employees act in good faith and in the best
interests of the Company.

         No Knight Ridder employee should become involved in any situation where
he or she might profit or benefit as a result of any relationship or act that is
not in the best interests of Knight Ridder. An employee should never represent
the Company in any transaction in which he or she has any interest - direct or
indirect - or from which he or she may benefit personally, unless such interest
has first been disclosed, in writing, to and approved, in writing, by the
Company.
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         An employee's position with Knight Ridder should not be used to
influence or gain favor from public officials or others - including suppliers
and advertisers - or otherwise for personal benefit. Similarly, Knight Ridder
employees may not use their employment with the Company as leverage to gain
favors from employees, customers, news sources, suppliers or advertisers.

         In short, every employee should take care at all times to avoid placing
himself or herself in a position where even the appearance of a conflict of
interest might exist. Employees' conduct must consistently reflect Knight
Ridder's commitment to impartiality and fairness in every aspect of its
operations.

         The following examples illustrate conduct that would constitute a
violation of Company policy:

     o   performing work or services of a substantial nature outside of your
         employment for employees for a fee or having employees perform work or
         services outside of their employment for you for a fee.

     o   accepting a personal reward from a supplier or provider of services in
         exchange for the award of Company business;

     o   having a direct or indirect financial interest (other than ownership of
         stock in broadly owned, publicly traded companies) in a company that
         supplies goods and services to Knight Ridder;

     o   using the employee's connection with the Company to receive special
         consideration from authorities such as the police;

     o   writing a personal letter of complaint on Company stationery;

     o   using the employee's position with the Company to obtain, for personal
         purposes, information that is not available to the general public;

     o   taking Company property or facilities for personal use;

     o   creating, starting, or participating in any way in an outside business
         that would have a detrimental impact on the ethics, impartiality or
         credibility of our newspapers.

Competitive Activities

         Knight Ridder employees are expected to avoid any outside interest that
might conflict with their loyalty to Knight Ridder or their commitment to its
values. They should neither invest in competitors' businesses nor act on behalf
of competitors. Investments in stocks of broadly owned, publicly traded
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companies that compete with the Company are permissible if they are not so
significant as to affect the employee's efforts on behalf of and loyalty to the
Company.

Gifts

         Business-related gifts or free services beyond ordinary business
practice may not be accepted. Gifts or sample products that are of token or
insignificant value may be accepted if returning them would be awkward. Gifts
beyond this level should be promptly returned with a courteous note explaining
the Company's policy.

Outside Employment and Business Directorships

         Many Knight Ridder operating units specifically prohibit outside
employment, part-time or otherwise. Where there is no such policy, care and good
judgment must be used in accepting outside employment to assure that the
employment does not conflict with, or affect the performance of, an employee's
responsibilities at Knight Ridder. If an employee has any question about the
propriety of outside employment, the employee should discuss the matter with his
or her supervisor.

         Knight Ridder employees may not make use of Company information while
employed outside of the Company. Outside employment also may not appear to be an
endorsement by Knight Ridder of the product, service or company in question, nor
should the nature of the outside employment reflect discredit upon Knight
Ridder.

         It is the Company's long-standing policy that none of its employees may
serve on corporate boards or committees except for appropriate civic,
educational and cultural organizations. The goal of this policy is to avoid not
only actual conflicts of interest, but also situations that might raise
questions about our credibility, impartiality or integrity. However, subject to
the advance approval of the Company's Chief Executive Officer, senior executives
of Knight-Ridder, Inc. may serve as directors of (a) companies in which the
Company has a significant financial investment, and/or (b) no more than one
outside company in which the Company does not have a financial interest. In
addition, the Company's Chief Executive Officer may serve as a director of (i)
companies in which the Company has a significant financial investment and (ii)
subject to the advance approval of the chairperson of the Compensation and
Corporate Governance Committee, no more than one outside company in which the
Company does not have a financial interest.

Political Activity

         Knight Ridder employees, as private individuals, are free to contribute
to and work for political parties, causes or candidates and to participate in
debate on issues of the day. But it is very important to avoid situations that
might raise a perception of bias in the context of newspapers' or other
news-gathering units' responsibilities to report and comment upon such
activities. This sensitivity is most obvious, of course, in the case of news and
editorial employees and those with responsibility for those functions within a
newspaper or other news organization. More specific guidelines to appropriate
conduct may be helpful but are best left to individual newspapers and news
organizations and all Knight Ridder newspapers are urged to have written
policies which complement this Code.
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         Political contributions by corporations are regulated by state and
federal laws, and in some cases are prohibited. In no case may an employee's
personal contribution be represented as a Company endorsement.

         As a matter of policy (as well as law in many circumstances), neither
Knight Ridder nor its operating units make contributions to political parties or
candidates. Financial support by Knight Ridder or any of its companies for
ballot issues - to adopt or amend laws and regulations - requires the approval
in advance of the Knight Ridder Board of Directors.


                      CONFIDENTIAL INFORMATION/TRANSACTIONS
                           IN KNIGHT RIDDER SECURITIES

         Employees are encouraged to invest in Knight Ridder stock. From time to
time, however, employees may have important information about the Company that
has not been disclosed to the public. All such information must be treated as
confidential, may not be used in an attempt to profit personally and may not be
disclosed to family members, friends or others outside of the Company. In
particular, neither employees nor their family members or friends may use such
confidential information as a basis for trading in Company stock. Should an
employee have any doubt as to the propriety of buying or selling Company shares,
he or she must not hesitate to ask a supervisor or a member of senior management
for guidance.

         Similarly, non-public information concerning other businesses, to which
an employee may have access as a result of his or her connection with Knight
Ridder, must also be treated as confidential and may not be used for personal
gain.

         Knight Ridder officers and employees who are "insiders" under the
securities laws are subject to more stringent rules in connection with trading
in Knight Ridder securities. These rules are dealt with in a separate memorandum
on insider trading.

         It is important to keep in mind that unauthorized disclosure of
sensitive non-public information to third parties - even to family and friends -
could be harmful to Knight Ridder and subject the employee who made the
disclosure to personal liability if the third party were to act on the
information or pass it on.


                              COMPLIANCE WITH LAWS

         Knight Ridder insists that all its business be conducted in full
compliance with all applicable laws. Federal, state and non-U.S. antitrust laws
merit particular attention, given the highly competitive circumstances in which
many of our companies operate. We must be careful that in the heat of
competition, we do not blur the boundaries of what may or may not constitute
restrictive competitive practice. Employees must remain alert to the potential
sensitivity of such situations. When in doubt, the employee's supervisor or
other member of senior management should be consulted for guidance.
<PAGE>

         All of us are subject to laws that govern our business, financial and
personal conduct - such as tax laws and rules governing trading in securities -
that don't directly affect Knight Ridder. However, our compliance with the
spirit, as well as the letter of those laws, can affect how we perform our
Knight Ridder duties and certainly can reflect on Knight Ridder. All Knight
Ridder employees are expected to comply fully with all applicable laws.


                          EQUAL EMPLOYMENT OPPORTUNITY

         Knight Ridder is pledged to promote equal employment opportunity,
diversity and pluralism in all of its operations. It is our policy not to
discriminate or retaliate against any employee or applicant for employment
because of race, color, religion, sex, sexual orientation, age, national origin
or disability, and to comply fully with all laws prohibiting discrimination and
sexual harassment and promoting opportunity and advancement in employment.


                  PROTECTION OF ENVIRONMENT AND EMPLOYEE SAFETY

         Knight Ridder is deeply committed to the environmental soundness and
safety of its operations. In keeping with our commitment, we will continue to:

     o   pursue efforts, including new technologies, to reduce even further our
         potential for generating hazardous wastes;

     o   closely supervise the handling, storage and disposal of all hazardous
         materials at our operations in full compliance with federal, state and
         local environmental regulations;

     o   ensure compliance with all applicable regulations regarding air quality
         and wastewater discharge;

     o   promote environmentally sound products, through efforts such as
         newsprint recycling, waste ink reclamation, community newspaper
         recycling and similar endeavors;

     o   encourage employees to report any improper handling of hazardous
         substances to supervisors or Company officers;

     o   provide a safe working environment for all of our employees.
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                              USE OF ILLEGAL DRUGS

         Knight Ridder is committed to the principle of a drug-free workplace;
it will not tolerate substance abuse in the workplace. For the protection of our
employees, our customers and the public, we seek to avoid hiring those whose
lifestyle includes the use of illegal drugs.
<PAGE>

                          CORPORATE ASSETS AND RECORDS

         Strict propriety must be observed in any transaction involving the use,
handling or accounting of Company funds. It is imperative that:

     o   accounting records be maintained and reports be prepared in accordance
         with generally accepted accounting principles;

     o   an adequate system of internal controls be maintained;

     o   accounting entries truly reflect the transactions that they record;

     o   all assets of the Company, including bank accounts in which Company
         cash is on deposit, be recorded on the regular books of the Company;

     o   all assets of the Company be treated with the same respect and
         diligence as personal assets and that employees be alert to
         opportunities for cost effective use of our assets;

     o   full cooperation be given to internal and external auditors;

     o   senior management be immediately advised of any matters that might be
         considered sensitive to preserving the Company's reputation.


                       OUTSIDE WORK/DISCLOSURE/PERMISSION

         In order to preserve and nurture the credibility of our newspapers, we
must avoid conflicts of interest and involvement in activities that may
undermine the credibility, integrity and ethics of our businesses. This standard
impacts not only our workplace conduct but our private lives as well. Although
we believe in keeping your private life private, there are times where our
private lives impact or may impact our business.

         Should you decide to embark in any of the following, please obtain the
prior written approval of your department manager before getting involved:

     o   political candidacy;

     o   outside business, whether for profit or non-profit;

     o   membership in advocacy groups;

     o   campaigning for political candidates, public election referendums;

     o   freelance work.
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                               FURTHER INFORMATION

         This Code necessarily is general. If you have any question about its
applicability to a particular situation, please consult with your supervisor or,
in appropriate circumstances, with the Knight Ridder Senior Vice President-Human
Resources or Knight Ridder General Counsel. You also should consult with one of
these people if you believe that there are violations of the Code which are not
being addressed by management. Any such discussions will be held in confidence.