Document:

Limited Liability Partnership Agreement

                                       of

                         The Denver Newspaper Agency LLP

                                                                January 22, 2001

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                                TABLE OF CONTENTS

                                                                            PAGE

                                   ARTICLE I
                                   Definitions

                                   ARTICLE II
                        The Limited Liability Partnership

2.1      Formation............................................................11

2.2      Name.................................................................12

2.3      Business Purpose.....................................................12

2.4      Registered Agent.....................................................12

2.5      Term.................................................................12

2.6      Principal Place of Business..........................................12

2.7      Title to Partnership Property........................................12

2.8      The Partners.........................................................13

2.9      Fiscal Year..........................................................13

2.10     Representations and Warranties of the Parties........................13

2.11     Survival of Representations and Warranties...........................14

                                   ARTICLE III
                       Capital Structure and Contributions

3.1      Initial Capital Contribution of Post Entities........................15

3.2      Certain Additional Capital Contributions.............................15

3.3      Other Capital Contributions..........................................16

3.4      No Right to Return of Capital Contributions..........................16

3.5      Loans by Third Parties...............................................16

                                   ARTICLE IV
               Capital Accounts; Allocation of Profits and Losses

4.1      Capital Accounts.....................................................16

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4.2      Book Allocation......................................................17

4.3      Tax Allocations......................................................21

                                    ARTICLE V
                                  Distributions

5.1      In General...........................................................23

5.2      Periodic Distributions...............................................23

5.3      Special Distribution.................................................24

5.4      Distribution in Event of Sale of Interest in Colorado Rockies........26

                                   ARTICLE VI
                             Accounting and Reports

6.1      Books and Records....................................................26

6.2      Reports to Partners..................................................27

6.3      Tax Matters Partner/Annual Tax Returns...............................28

6.4      Actions in Event of Audit............................................30

6.5      Tax Election.........................................................31

                                   ARTICLE VII
                               Actions by Partners

7.1      Meetings/Actions by Partners.........................................31

7.2      Certain Matters Requiring Approval of the Partners...................32

7.3      Action by Consent....................................................33

                                  ARTICLE VIII
                              Management Committee

8.1      The Management Committee.............................................33

8.2      Removal of Members of the Management Committee; Vacancies............35

8.3      Meetings of the Management Committee; Notice.........................36

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                                TABLE OF CONTENTS
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8.4      Quorum...............................................................36

8.5      Voting...............................................................37

8.6      Certain Matters Requiring an Absolute Majority Vote of the
         Management Committee.................................................37

8.7      Action by Consent....................................................40

                                   ARTICLE IX
                       Transfer of Partnership Interests;
                       Additional and Substitute Partners

9.1      Prohibited Transfers.................................................40

9.2      Permitted Transfers by Partners......................................41

9.3      Substitute Partner...................................................42

9.4      Involuntary Transfers................................................43

9.5      Right of First Refusal...............................................45

                                    ARTICLE X
                           Dissolution and Liquidation

10.1     Dissolution..........................................................48

10.2     Closing of Affairs...................................................48

10.3     Orderly Liquidation..................................................50

10.4     Deficit Upon Liquidation.............................................50

                                   ARTICLE XI
                             Amendments to Agreement

                                   ARTICLE XII
                                 Indemnification

12.1     Remedies for Breach..................................................51

12.2     Limitation of Liability..............................................51

12.3     Indemnification by Partners for Breach of Representations or
         Warranties...........................................................51

12.4     Indemnification by Partnership.......................................54

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                                TABLE OF CONTENTS
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                                  ARTICLE XIII
                               General Provisions

13.1     Arbitration..........................................................58

13.2     Notices..............................................................59

13.3     Confidentiality......................................................60

13.4     Public Announcements.................................................61

13.5     Entire Agreement, Amendments, etc....................................61

13.6     Construction Principles..............................................62

13.7     Counterparts.........................................................62

13.8     Severability.........................................................62

13.9     Expenses.............................................................62

13.10    Governing Law........................................................62

13.11    Binding Effect.......................................................63

13.12    Additional Documents and Acts........................................63

13.13    No Third Party Beneficiary...........................................63

13.14    Limited Liability Partnership........................................63

                                    EXHIBITS

Exhibit A     Denver Newspaper Agency Contribution and Sale Agreement

Exhibit B     Denver Newspaper Agency Joint Operating Agreement

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                    LIMITED LIABILITY PARTNERSHIP AGREEMENT

                                       OF

                         THE DENVER NEWSPAPER AGENCY LLP

      This Limited Liability Partnership Agreement of the Denver Newspaper
Agency LLP is this 22nd day of January, 2001 hereby adopted by and among The
Denver Post Corporation, a Delaware corporation ("Denver Post"), its wholly
owned subsidiary, Eastern Colorado Production Facilities, Inc., a Delaware
corporation ("Eastern Colorado" and together with Denver Post, the "Post
Entities") and The Denver Publishing Company, a Colorado corporation ("Denver
Publishing"). Denver Post, Eastern Colorado and Denver Publishing shall
hereafter be known as and referred to as the "Partners" and individually as a
"Partner."

                                    RECITALS

      A. On April 24, 2000, the Post Entities formed Denver Post Publishing
Facilities LLC, a Delaware limited liability company (the "Company") by the
filing of a Certificate of Formation with the Delaware Secretary of State.

      B. On the date hereof, the Post Entities, pursuant to a Certificate of
Conversion filed with the Secretary of State of Delaware, converted the Company
into a Delaware limited liability partnership (the Company, as converted, shall
hereinafter be referred to as the "Partnership"), and in connection therewith,
changed the name of the Partnership to "The Denver Newspaper Agency LLP."

      C. After the conversion described in Recital B above, (1) the Post
Entities desire to make certain additional capital contributions to the
Partnership as set forth herein, (2) after the capital contributions described
in the preceding clause (1), Denver Publishing desires to purchase from Denver
Post, and Denver Post desires to sell to Denver Publishing, an Interest in the

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Partnership, and (3) after the purchase by Denver Publishing of an Interest in
the Partnership described in subparagraph (2) above, Denver Publishing desires
to make certain additional capital contributions to the Partnership as set forth
herein such that, immediately after such occurrence, the Percentage Interests
shall be 49% for Denver Post, 1 % for Eastern Colorado, and 50% for Denver
Publishing.

                                    ARTICLE I
                                   DEFINITIONS

      "ABSOLUTE MAJORITY VOTE OF THE MANAGEMENT COMMITTEE" means the affirmative
vote of a majority of all of the appointed members of the Management Committee
irrespective of whether all of the appointed members of the Management Committee
are present at a duly constituted meeting of the Management Committee.

      "ACT" means the Delaware Revised Uniform Partnership Act, as in effect
from time to time.

      "ADJUSTED CAPITAL ACCOUNT DEFICIT" means, with respect to any Partner, the
deficit balance, if any, in such Partner's Capital Account as of the end of the
relevant Fiscal Year, after giving effect to the following adjustments:

            (i) such Capital Account shall be deemed to be increased by any
amounts that such Partner is deemed to be obligated to restore pursuant to (A)
the penultimate sentence of Regulations Section 1.704-2(g)(1), or (B) the
penultimate sentence of Regulations Section 1.704-2(i)(5); and,

            (ii) such Capital Account shall be deemed to be decreased by the
items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

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      "AFFILIATE" means any person controlled by, controlling, or under common
control with the entity in question.

      "AGREEMENT" means this Limited Liability Partnership Agreement of The
Denver Newspaper Agency LLP.

      "BANKRUPTCY EVENT" means with respect to any Partner (i) the application
for, or the consent to, the appointment of a conservator, receiver, trustee,
liquidator or the like for itself or its property; (ii) the admission in writing
of its inability to pay its debts as they mature; (iii) the making of a general
assignment for the benefit of its creditors; (iv) its being adjudicated as
bankrupt or insolvent; (v) its filing a voluntary petition in bankruptcy or a
petition or answer seeking reorganization or an arrangement with creditors or to
take advantage of any insolvency law, or an answer admitting the material
allegations of a petition filed against it in any bankruptcy, reorganization, or
insolvency proceedings, or corporate action taken by it for the purpose of
effecting any of the foregoing or (vi) an order, judgment, or decree being
entered against it by a court or governmental agency of competent jurisdiction,
approving a petition seeking reorganization of it or appointing a conservator,
receiver, trustee, liquidator, or the like for it or for all or a substantial
part of its assets, and such order, judgment, or decree continuing unstayed or
in effect for any period of thirty (30) consecutive days, or an involuntary
petition being filed against it in bankruptcy or seeking reorganization under
the Bankruptcy Act (and the same not having been dismissed within sixty (60)
days).

      "BOOK VALUE" means, with respect to any asset of the Partnership, the
adjusted basis of such asset as of the relevant date for federal income tax
purposes, except as follows:

            (i) the initial Book Value of any asset contributed by a Partner to
the Partnership shall be the fair market value of such asset as determined by

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all of the Partners; provided, that the Book Value of (x) all assets contributed
as part of the Post Entities' Initial and Additional Capital Contributions and
(y) all assets contributed as a part of Denver Publishing's Initial Capital
Contribution pursuant to the provisions of The Denver Newspaper Agency
Contribution and Sale Agreement, as amended, a copy of which is appended as
Exhibit A to this Agreement, after taking appropriate account of Denver
Publishing's payment to Denver Post of the Sixty Million Dollars ($60,000,000)
Purchase Price for a portion of its Percentage Interest therein, and the True-Up
Contribution discussed and set forth in Section 1.6 of The Denver Newspaper
Agency Joint Operating Agreement (as respectively set forth and described in
Sections 1.1, 1.4 and 1.5 of that agreement), a copy of which is appended as
Exhibit B to this Agreement, shall be deemed to be equal.

            (ii) the Book Value of all Partnership assets (including intangible
assets such as goodwill) shall be adjusted to equal their respective fair market
values as of the following times:

                  (A) the contribution of money or other property (other than a
de MINIMIS amount) to the Partnership by a new or existing Partner as
consideration for an interest in the Partnership;

                  (B) the distribution by the Partnership to a Partner of more
than a de MINIMIS amount of money or Partnership property as consideration for
an Interest in the Partnership; and,

                  (C) the liquidation of the Partnership within the meaning of
Regulation Section 1.704-1 (b)(2)(ii)(g);

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            (iii) The Book Value of any property distributed to any Partner
shall be adjusted to equal the gross fair market value (taking into account Code
Section 7701(g)) of such asset on the date of distribution as determined by the
distributee and all of the Partners;

            (iv) the Book Value of the Partnership assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent
that such adjustments are taken into account in determining Capital Accounts
pursuant to Regulation Section 1.704-1 (b)(2)(iv)(m), PROVIDED HOWEVER, that
Book Value shall not be adjusted pursuant to this subsection (iv) to the extent
all of the Partners determine that an adjustment pursuant to subsection (ii)
above is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this subsection (iv); and,

            (v) if the Book Value of an asset has been determined or adjusted
pursuant to subsections (ii), (iii) or (iv) above, any such adjustment shall be
reflected in the Profits and/or Losses of the Partnership (for book purposes but
not for tax purposes) and allocated among the Partners in accordance with
Section 4.2, and such Book Value shall thereafter be adjusted by the
Depreciation taken into account with respect to such asset for purposes of
computing Profits and Losses and other items allocated pursuant to Section 4.2.

      The foregoing definition of Book Value is intended to comply with the
provisions of Regulation Section 1.704-1 (b)(2)(iv) and shall be interpreted and
applied consistently therewith.

      "BUSINESS DAY" means any day (other than a day which is a Saturday, Sunday
or legal holiday in the State of Colorado).

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      "BUSINESS PLAN" means the business plan, which shall include the operating
and capital budgets, for the Partnership for each fiscal year of the
Partnership, as adopted and/or amended from time to time by the Management
Committee.

      "CAPITAL ACCOUNT" means, for each Partner, the capital account maintained
by the Partnership for such Partner as described in Section 4.1.

      "CAPITAL CONTRIBUTION" means the amount of money and the agreed fair
market value of other property (net of any liabilities secured by such property
that the Partnership is considered to assume or take subject to Code Section
752) contributed by a Partner to the Partnership pursuant to Article III hereof.

      "CODE" means the Internal Revenue Code of 1986, as amended from time to
time or any successor statute. A reference to the Code shall be deemed to
include any mandatory or successor provisions thereto.

      "DENVER NEWSPAPER AGENCY CONTRIBUTION AND SALE AGREEMENT" means that
certain Contribution and Sale Agreement, dated as of May 11, 2000, by and among
the Post Entities, Denver Publishing, and the Post LLC, as amended by that
certain First Amendment to Contribution and Sale Agreement, dated January 22,
2001.

      "DENVER NEWSPAPER AGENCY JOINT OPERATING AGREEMENT" means that certain
Joint Operating Agreement, dated as of May 11, 2000, by and among the Post
Entities, Denver Publishing, and the Post LLC, as amended by that certain First
Amendment to Joint Operating Agreement, dated January 22, 2001.

      "DEPRECIATION" means, for each Fiscal Year or part thereof, an amount
equal to the depreciation, amortization, or other cost recovery deduction
allowable for federal income tax purposes with respect to an asset for such
Fiscal Year or part thereof, except that if the Book Value of an asset differs

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from its adjusted basis for federal income tax purposes, the depreciation,
amortization or other cost recovery deduction for such Fiscal Year or part
thereof shall be an amount which bears the same ratio to such Book Value as the
federal income tax depreciation, amortization or other cost recovery deduction
for such Fiscal Year or part thereof bears to such adjusted tax basis. If such
asset has a zero adjusted tax basis, the depreciation, amortization or other
cost recovery deduction for each Fiscal Year shall be determined under a method
reasonably selected by the Management Committee.

      "EFFECTIVE DATE" shall have the meaning ascribed to it in The Denver
Newspaper Agency Joint Operating Agreement.

      "ERISA" means the Employment Retirement Income Security Act of 1974, as
amended.

      "EXCESS LOSSES" shall have the meaning ascribed to it in Section 4.2(c)(i)
hereof.

      "EXCLUDED PAYABLES" means, with respect to the Post Entities or Denver
Publishing, the current liabilities of either the Post Entities or Denver
Publishing (but excluding any such liabilities of the LLP) in the nature of
accounts payable or other accrued liabilities that are, as of the date hereof,
properly accrued in accordance with generally accepted accounting principles,
consistently applied.

      "EXECUTIVE OFFICERS" means the following officers of the Partnership: its
president and chief executive officer, chief financial officer and any other
individual who would be an "executive officer" of the Partnership as determined
in accordance with Rule 3b-7 promulgated under the Securities Exchange Act of
1934.

      "FISCAL YEAR" means the fiscal year of the Partnership as defined in
Section 2.9 hereof.

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      "GAAP" means generally accepted accounting principles, as in effect from
time to time.

      "INTEREST" means, with respect to any Partner at any time, such Partners
entire beneficial ownership interest in the Partnership at such time, including
such Partners Capital Account, voting rights (if any), and right to share in
Profits and Losses, all items of income, gain, loss, deduction and credit,
distributions and all other benefits of the Partnership as specified in this
Agreement, together with such Partner's obligations to comply with all of the
terms of this Agreement. With respect to any person other than a Partner,
"Interest" means the entirety of such person's rights and obligations with
respect to the Partnership.

      "NET AVAILABLE CASH FROM OPERATIONS" has the meaning set forth in Section
5.2 hereof.

      "NONRECOURSE DEDUCTIONS" shall have the meaning set forth in Regulation
Section 1.704-2(b)(1).

      "NONRECOURSE LIABILITY" shall mean any Partnership liability (or portion
thereof) for which no Partner or a related person (as defined in Regulation
Section 1.752-4(b)) bears the economic risk of loss for that liability under
Regulation Section 1.752-2, as described in Regulation Section 1.704-2(b)(3) and
Regulation Section 1.752-1(a)(2).

      "PARTNER NONRECOURSE DEBT" has the meaning ascribed to such term in
Regulation Section 1.704-2(b)(4).

      "PARTNER NONRECOURSE DEBT MINIMUM GAIN" means the aggregate amount of gain
(of whatever character), determined for each Partner Nonrecourse Debt, that
would be realized by the Partnership if it disposed of the Partnership property
subject to such Partner Nonrecourse Debt in a taxable transaction in full
satisfaction thereof (and for no other consideration) determined in accordance
with the provisions of Regulation Section 1.704-2(i)(2) and Regulation Section

<PAGE>

1.704-2(i)(5) for determining a Partner's share of minimum gain attributable to
a Partner Nonrecourse Debt.

      "PARTNER NONRECOURSE DEDUCTIONS" means the excess, if any, of (i) the net
increase, if any, in the amount of Partner Nonrecourse Debt Minimum Gain during
any Fiscal Year OVER (ii) the aggregate amount of any distributions during such
Fiscal Year of proceeds of a Partner Nonrecourse Debt that are allocable to an
increase in Partner Nonrecourse Debt Minimum Gain, determined in accordance with
the provisions of Regulation Section 1.704-2(l)(1) and 1.704-2(l)(2) after
application of Regulation Section 1.704-2(k).

      "PARTNERSHIP MINIMUM GAIN" means the aggregate amount of gain (of whatever
character), determined for each Nonrecourse Liability of the Partnership, that
would be realized by the Partnership if it disposed of the Partnership property
subject to such liability in a taxable transaction in full satisfaction thereof
(and for no other consideration) and by aggregating the amounts so computed,
determined in accordance with Regulation Sections 1.704-2(d) and (k).

      "PERCENTAGE INTEREST" means, for Denver Post forty-nine percent (49%), for
Eastern Colorado one percent (1%) and for Denver Publishing, fifty percent
(50%), as may be adjusted from time to time in accordance with this Agreement.

      "PROFITS" and "LOSSES" means, for each Fiscal Year or part thereof, the
taxable income or loss of the Partnership for such Fiscal Year determined in
accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments:

<PAGE>

            (i) any income of the Partnership that is exempt from federal income
tax shall be added to such taxable income or loss;

            (ii) any expenditures of the Partnership described in Code Section
705(a)(2)(B) or treated as such pursuant to Regulation Section
1.704-1(b)(2)(iv)(i) shall be subtracted from such taxable income or loss;

            (iii) any Depreciation for such Fiscal Year or part thereof shall be
taken into account in lieu of the depreciation, amortization and other cost
recovery deductions taken into account in computing such taxable income or loss;

            (iv) gain or loss resulting from any disposition of Partnership
property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed with reference to the Book Value of the property
disposed of, rather than the adjusted tax basis of such property;

            (v) in the event the Book Value of any Partnership asset is adjusted
pursuant to Section (ii), (iii) or (iv) of the definition of Book Value hereof,
the amount of such adjustment shall be taken into account as gain or loss from
the disposition of such assets for purposes of computing Profits and Losses;
and,

            (vi) such taxable income or loss shall be deemed not to include any
income, gain, loss, deduction or other item thereof allocated pursuant to
Section 4.2(c) or Section 4.3.

      "REGULATIONS" means the income tax regulations promulgated under the Code
by the Department of the Treasury, as such regulations may be amended from time
to time.

      "REMAINING EXCLUDED PAYABLES" means, with respect to the Post Entities or
Denver Publishing, an amount equal to (a) the aggregate amount of the Excluded

<PAGE>

Payables of the Post Entities or Denver Publishing, respectively; less (b) the
aggregate amounts previously distributed to the Post Entities or Denver
Publishing, respectively, pursuant to Section 5.2(a).

      "SUBSTITUTE PARTNER" shall have the meaning ascribed in Section 9.3.

      "TAX MATTERS PARTNER" shall have the meaning ascribed in Section 6.3.

      "TRANSFER" means any sale, assignment, gift, hypothecation, pledge,
encumbrance, alienation, mortgage or other disposition, whether voluntary or by
operation of law, of an Interest or any portion thereof.

      "TRANSFEREE" means a purchaser, transferee, assignee (other than
collateral assignees) or any other person who takes, in accordance with the
terms of this Agreement, an Interest in the Partnership, and who thereby becomes
bound by all the terms of this Agreement, regardless of whether such person
becomes a Substitute Partner.

                                   ARTICLE II
                        THE LIMITED LIABILITY PARTNERSHIP

      2.1 FORMATION. The Partnership was formed on April 24, 2000 as a limited
liability company by the filing of a Certificate of Formation with the Delaware
Secretary of State. On January 22, 2000, the Partnership was converted to a
limited liability partnership by the filing of a Certificate of Conversion with
the Delaware Secretary of State. All of the Partners undertake hereafter to
execute or cause to be executed from time to time all other instruments,
certificates, notices and documents, and to do or cause to be done all such
filing, recording, publishing and other acts, in each case, as may be necessary
or appropriate from time to time to comply with all applicable requirements for
the operation and, when appropriate, termination of a limited liability
partnership in the State of Delaware and all other jurisdictions where the
Partnership shall desire to conduct its business.

<PAGE>

      2.2 NAME. The name of the Partnership shall be "The Denver Newspaper
Agency LLP," and its business shall hereafter be carried on in this name with
such variations and changes, if any, as may be necessary or appropriate to
comply with the requirements of the jurisdictions in which the Partnership's
operations are conducted.

      2.3 BUSINESS PURPOSE. The purpose of the Partnership (the "Business
Purpose") is to carry on any lawful business and to engage in any lawful act or
activity for which a limited liability partnership may be formed under the Act
or other applicable laws of the State of Delaware; PROVIDED, HOWEVER, that
except as the Partners shall approve otherwise the Partnership's activities
shall hereafter be limited to the publication of THE DENVER POST and DENVER
ROCKY MOUNTAIN NEWS and such other activities as are set forth in the Denver
Newspaper Agency Joint Operating Agreement that is attached as Exhibit B to this
Agreement.

      2.4 REGISTERED AGENT. The registered office of the Partnership in the
State of Delaware and its registered agent for service of process on the
Partnership in the State of Delaware shall be as set forth in the Statement of
Existence of the Partnership, as filed with the Secretary of State of the State
of Delaware, as the same may be amended from time to time.

      2.5 TERM. The term of the Partnership shall continue until dissolved and
liquidated in accordance with Article X hereof.

      2.6 PRINCIPAL PLACE OF BUSINESS. The Partnership shall maintain its
principal place of business within the city of Denver, Colorado at such location
or locations as it may from time to time select.

      2.7 TITLE TO PARTNERSHIP PROPERTY. Legal title to all property of the
Partnership shall be held and conveyed in the name of the Partnership.

<PAGE>

      2.8 THE PARTNERS. The name and place of residence of each Partner is as
follows:

NAME                                 ADDRESS

The Denver Post Corporation          The Denver Post Corporation
                                     1560 Broadway, Suite 2100
                                     Denver, CO 80202

Eastern Colorado Production          c/o The Denver Post Corporation
Facilities, Inc.                     1560 Broadway, Suite 2100
                                     Denver, CO 80202

The Denver Publishing Company        The Denver Publishing Company
                                     400 West Colfax
                                     Denver, CO 80204

      2.9 FISCAL YEAR. Unless the Management Committee shall at any time
otherwise determine, the fiscal year and taxable year of the Partnership shall
hereafter end on December 31st of each year unless otherwise required by Section
706 of the Code.

      2.10 REPRESENTATIONS AND WARRANTIES OF THE PARTIES. Each of the parties
represents and warrants, severally and not jointly, that:

            (a) It is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization;

            (b) It has all requisite power and authority to enter into this
Agreement; the execution and delivery by such party of this Agreement and the
consummation by such party of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of such party; and this
Agreement has been duly and validly executed and delivered by such party and
constitutes (assuming the due and valid execution and delivery of this Agreement
by the other party), the legal, valid and binding obligation of such party,
enforceable against it in accordance with its terms;

<PAGE>

            (c) There is no litigation pending or, to the best knowledge of such
party, threatened against such party which has a reasonable likelihood of
materially and adversely affecting the operations, properties or business of the
Partnership or any of such party's obligations under this Agreement;

            (d) The execution, delivery and performance by such party of this
Agreement will not result in a breach of any of the terms, provisions or
conditions of any agreement to which such party is a party which has a
reasonable likelihood of materially and adversely affecting the operations,
properties or business of the Partnership or such party's obligations under this
Agreement;

            (e) The execution and delivery by such party of this Agreement and
the continuation of the Partnership as a limited liability partnership does not
require any filing by such party with, or approval or consent of, any
governmental authority which has not already been made or obtained; and,

            (f) It is acquiring or has acquired its Interest for its own account
for investment, without a view to, or for, resale in connection with the
distribution thereof in violation of U.S. federal or state securities laws, and
with no present intention of distributing or reselling any part thereof.

      2.11 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of each of the parties contained in Section 2.10 of this Agreement
are each made as of the date of this Agreement and shall survive until the
dissolution of the Partnership.

<PAGE>

                                   ARTICLE III
                       CAPITAL STRUCTURE AND CONTRIBUTIONS

      3.1 INITIAL CAPITAL CONTRIBUTION OF POST ENTITIES. Upon formation of the
Partnership as a limited liability company, Denver Post made initial capital
contributions on behalf of itself and Eastern Colorado to the Partnership
equivalent to that set forth and described in Section 1.1 of The Denver
Newspaper Agency Joint Operating Agreement (the "Initial Capital Contribution of
Denver Post"); provided, however, that Denver Post rescinded a portion of such
capital contributions pursuant to that certain Rescission Agreement (the
"Rescission Agreement"), dated as of January 22, 2001, by and among the Post
Entities, the Post LLC and Denver Publishing.

      3.2 CERTAIN ADDITIONAL CAPITAL CONTRIBUTIONS. On the Effective Date, as
such term is defined in The Denver Newspaper Agency Joint Operating Agreement,
but after the conversion of the Partnership described in Recital B hereto, (a)
Post Entities shall make an additional capital contribution to the Company
equivalent to (i) the Additional Capital Contribution of Denver Post set forth
and described in Section 1.4 of The Denver Newspaper Agency Joint Operating
Agreement, and (ii) any contributions that were rescinded by Denver Post
pursuant to the Rescission Agreement (b) immediately after the capital
contribution described in subparagraph (a) above, Denver Publishing shall
purchase from Denver Post a Percentage Interest in the Partnership equal to
$60,000,000 divided by the then fair market value of the Partnership's net
assets and shall receive a Capital Account credit and Capital Contribution
credit for such portion of Denver Post's Interest, which the parties agree shall
for tax accounting purposes be $60,000,000, and (c) then Denver Publishing shall
make a capital contribution equivalent to the Initial Capital Contribution of
Denver Publishing set forth and described in Section 1.5 of that Agreement, such

<PAGE>

that after such occurrence, the Percentage Interests shall be 49% for Denver
Post, 1% for Eastern Colorado, and 50% for Denver Publishing.

      3.3 OTHER CAPITAL CONTRIBUTIONS. In the event that the Partnership shall
subsequent to the Effective Date require funds other than the Post Entities'
Initial and Additional Capital Contribution and Denver Publishing's Initial
Capital Contribution (as hereinbefore described) for any authorized business
purpose, all such funds, unless duly authorized hereunder to be obtained from
outside sources, shall be contributed by the Post Entities and Denver Publishing
on identical terms and in equal shares, when and as such additional
contributions may be duly authorized as otherwise provided herein.

      3.4 NO RIGHT TO RETURN OF CAPITAL CONTRIBUTIONS. No Partner shall
hereafter have the right to have returned to it any portion of its Capital
Contributions or be paid any distributions from the Partnership, except as
provided in Articles V or X hereof.

      3.5 LOANS BY THIRD PARTIES. Subject to the provisions of Section 8.6
hereof, the Partnership may borrow funds from or enter into credit, guarantee,
financing or refinancing arrangements for any purpose with any Partner (provided
that each of the Partners is given reasonable notice and is afforded a pro rata
opportunity to participate therein) or from any other person, upon such terms as
the Management Committee determines appropriate.

                                   ARTICLE IV
               CAPITAL ACCOUNTS; ALLOCATION OF PROFITS AND LOSSES

      4.1 CAPITAL ACCOUNTS. Each Partner shall have a capital account (a
"Capital Account") which account shall be (1) increased by the amount of (a) the
Capital Contributions of such Partner, (b) the allocations to such Partner of
Profits and items of income or gain pursuant to Section 4.2, and (c) any

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positive adjustment to such Capital Account by reason of an adjustment to the
Book Value of Partnership assets (but only to the extent not included in (b)),
and (2) decreased by the amount of (x) any cash and the Book Value of any
property (net of liabilities secured by such property that such Partner is
considered to assume or take subject to under Code Section 752) distributed to
such Partner, (y) the allocation to such Partner of Losses and items of loss
pursuant to Section 4.2, and (z) any negative adjustment to such Capital Account
by reason of an adjustment to the Book Value of the Partnership assets (but only
to the extent not covered in (y)). The provisions of this Agreement relating to
the maintenance of Capital Accounts are intended to comply with Regulation
Section 1.704-1(b), and shall be interpreted and applied in a manner consistent
with such Regulation.

      4.2 BOOK ALLOCATION.

            (a) IN GENERAL. This Section 4.2 sets forth the general rules for
book allocations of Profits, Losses and similar items to the Partners.

            (b) PROFITS AND LOSSES. After giving effect to the special
allocations provided in Section 4.2(c), Profits and Losses shall be allocated to
the Partners in proportion to their Percentage Interests.

            (c) SPECIAL RULES. Notwithstanding the general allocation rules set
forth in Section 4.2(b), the following special allocation rules shall apply
under the circumstances described.

                  (i) LIMITATION ON LOSS ALLOCATIONS. The Losses allocated to
any Partner pursuant to Section 4.2(b) with respect to any Fiscal Year shall not
exceed the maximum amount of Losses that can be so allocated without causing
such Partner to have an Adjusted Capital Account Deficit at the end of such
Fiscal Year. All Losses in excess of the limitation set forth in this Section
4.2(c)(i) (the "Excess Losses") shall be allocated (1) first, to those Partners

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who will not be subject to this limitation, in the ratio that their Percentage
Interests bear to each other, and (2) second, any remaining amount to the
Partners in the manner required by the Code and the Regulations.

                  (ii) QUALIFIED INCOME OFFSET. If in any Fiscal Year a Partner
unexpectedly receives an adjustment, allocation or distribution described in
Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), and such adjustment,
allocation or distribution causes or increases an Adjusted Capital Account
Deficit for such Partner, then, before any other allocations are made under this
Agreement except for allocations under 4.2(c)(iii), (iv), (v) and (vi) of this
Agreement (which shall be made before any other allocations under this
Agreement) or otherwise, such Partner shall be allocated items of income and
gain (consisting of a pro rata portion of each item of Partnership income,
including gross income and gain) in an amount and manner sufficient to eliminate
such Adjusted Capital Account Deficit as quickly as possible. This Section
4.2(c)(ii) is intended to comply with the qualified income offset requirement of
Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

                  (iii) PARTNERSHIP MINIMUM GAIN CHARGEBACK. If there is a net
decrease in Partnership Minimum Gain during any Fiscal Year, except as otherwise
provided in Regulation Section 1.704-2(f), each Partner shall be allocated items
of income and gain for such Fiscal Year (and, if necessary, for subsequent
Fiscal Years) in proportion to, and to the extent of, such Partner's share of
the net decrease in Partnership Minimum Gain during such Fiscal Year determined
in accordance with Regulation Section 1.704-2(g). This Section 4.2(c)(iii) is

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intended to comply with the minimum gain chargeback requirement of Regulation
Section 1.704-2(f) and the ordering rules set forth in Regulation Section
1.704-2(j) and shall be interpreted consistently therewith.

                  (iv) PARTNER NONRECOURSE DEBT MINIMUM GAIN CHARGEBACK. If
there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any
Fiscal Year, then, except as otherwise provided in Regulation Section
1.704-2(i)(4), each Partner who has a share of Partner Nonrecourse Debt,
determined in accordance with Regulation Section 1.704-2(i)(5), shall be
allocated items of income and gain for such Fiscal Year (and, if necessary, for
subsequent Fiscal Years) in proportion to, and to the extent of, such Partner's
share of the net decrease in Partner Nonrecourse Debt Minimum Gain during such
Fiscal Year determined in accordance with Regulation Section 1.704-2(i)(4). This
Section 4.2(c)(iv) is intended to comply with the chargeback of partner
nonrecourse debt minimum gain requirement of Regulation Section 1.7042(i)(4) and
the ordering rules set forth in Regulation Section 1.704-2(j) and shall be
interpreted consistently therewith.

                  (v) PARTNER NONRECOURSE DEDUCTIONS. Partner Nonrecourse
Deductions shall be allocated among the Partners in accordance with the ratio in
which the Partners share the economic risk of loss for the Partner Nonrecourse
Debt that gave rise to those deductions. This allocation is intended to comply
with the requirements of Regulation Section 1.704-2(i) and shall be interpreted
consistently therewith.

                  (vi) NONRECOURSE DEDUCTIONS. Nonrecourse Deductions for any
Fiscal Year shall be allocated to the Partners in proportion to their Percentage
Interests.

                  (vii) LIMITED EFFECT AND INTERPRETATION. The special rules set
forth in Sections 4.2(c)(i), (ii), (iii), (iv), (v) and (vi) (the "Regulatory
Allocations") shall be applied only to the extent required by applicable
Regulations for the resulting allocations provided for in this Section 4.2,

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taking into account such Regulatory Allocations, to be respected for federal
income tax purposes. The Regulatory Allocations are intended to comply with the
requirements of Regulation Sections 1.704-1(b), 1.704-2 and 1.752-1 through
1.752-5 and shall be interpreted and applied consistently therewith.

                  (viii) CURATIVE ALLOCATIONS. The Regulatory Allocations may
not be consistent with the manner in which the Partners intend to divide the
Partnership Profits, Losses and similar items. Accordingly, Profits, Losses and
other items will be reallocated among the Partners in a manner consistent with
Regulations Section 1.7041(b) and 1.704-2 so as to negate as rapidly as possible
any deviation from the manner in which Partnership Profits, Losses and other
items are intended to be allocated among the Partners pursuant to Section 4.2(b)
that is caused by the Regulatory Allocations.

                  (ix) LIQUIDATING ALLOCATIONS. Upon the liquidation of the
Partnership, Profits and Losses (or, if necessary, items thereof) shall be
allocated so as to cause capital accounts to be in proportion to the Percentage
Interests of the Partners.

                  (x) CHANGE IN REGULATIONS. If the Regulations incorporating
the Regulatory Allocations are hereafter changed or if new Regulations are
hereafter adopted, and such changed or new Regulations, in the opinion of
independent tax counsel for the Partnership, make it necessary to revise the
Regulatory Allocations or provide further special allocation rules in order to
avoid a significant risk that a material portion of any allocation set forth in
this Article IV would not be respected for federal income tax purposes, the
Partners shall negotiate in good faith any amendments to this Agreement as, in
the opinion of such counsel, are necessary or desirable, taking into account the
interests of the Partners as a whole and all other relevant factors, to avoid or
reduce significantly such risk to the extent possible without materially

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changing the amounts allocable and distributable to any Partner pursuant to this
Agreement.

                  (xi) CHANGE IN PARTNERS' INTERESTS. If there is a change in
any Partner's Percentage Interest during any Fiscal Year, allocations among the
Partners shall be made in accordance with their Percentage Interests from time
to time during such Fiscal Year in accordance with Code Section 706, using the
closing-of-the-books method, except that Depreciation shall be deemed to accrue
ratably on a daily basis over the entire Fiscal Year during which the
corresponding asset is owned by the Partnership.

                  (xii) SPECIAL ALLOCATION. Prior to the allocation of Profits
under Section 4.2(b) for any Fiscal Year, an amount of Profits equal to the
special distribution described in Section 5.3 shall be allocated to Denver Post
and Eastern Colorado in the same proportion as each participates in such special
distribution. If there are not sufficient Profits in that Fiscal year, then
Profits shall be allocated to Denver Post and Eastern Colorado in each such
succeeding Fiscal Year until the cumulative Profits allocated under this Section
4.2(c)(xii) equal the Special Distribution.

      4.3 TAX ALLOCATIONS.

            (a) IN GENERAL. Except as set forth in Section 5.4(b), allocations
for tax purposes of items of Profit, Loss and other items of gain, deduction,
credit and distribution therefor, shall be made in the same manner as
allocations for book purposes set forth in Section 5.1 and Section 5.2.
Allocations pursuant to this Section 5.4 are solely for purposes of federal,
state and local income taxes and shall not affect or in any way be taken into
account in computing, any Partner's Capital Account or share of Profit, Loss,
other items or gain, deduction and distribution pursuant to any provision of
this Agreement.

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            (b) SPECIAL RULES.

                  (i) ELIMINATION OF BOOK/TAX DISPARITIES. In determining a
Partner's allocable share of Partnership taxable income, the Partner's allocable
share of each item of Profits and Losses shall be properly adjusted to reflect
the difference between such Partner's share of the adjusted tax basis and the
Book Value of Partnership assets used in determining such item. For example,
items of depreciation, amortization, and gain or loss with respect to any
contributed property, or with respect to revalued property where Partnership
property is revalued pursuant to Regulation Section 1.704-1(b)(2)(iv)(f), shall
be allocated to the Partners under the remedial method as provided in Regulation
Section 1.704-3(d) unless Denver Publishing shall, in its reasonable discretion
and with the consent of the Post Entities (which consent shall not unreasonably
be withheld, provided that such other method or methods shall not result in an
increase in the Special Distribution to Denver Post described in Section 5.3
hereof), select another method or methods allowable under Section 704(c) of the
Code with respect to any or all of the Partnership's properties, in which case
such other method or methods shall be used by the Partnership to determine the
Partners' allocable share of the Partnership income. This Section 4.3(b)(i) is
intended to comply with the requirements of Code Section 704(b) and Section
704(c) and Regulation Sections 1.704-1(b)(2)(iv)(d)(3) and 1.704-3 and shall be
interpreted and applied consistently therewith.

                  (ii) ALLOCATION OF ITEMS AMONG PARTNERS. Except as otherwise
provided in Section 4.3(b)(i), each item of income, gain, loss and deduction and
all other items governed by Code Section 702(a) shall be allocated among the
Partners in proportion to the allocation of Profits, Losses and other items to
the Partners hereunder, provided that any gain recognized from any disposition
of a Partnership asset that is treated as ordinary income because it is

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attributable to the recapture of any depreciation or amortization shall be
allocated among the Partners in the same ratio as the prior allocations of tax
depreciation or amortization, but not in excess of the gain otherwise allocable
to each Partner.

                  (iii) TAX CREDITS. Any tax credits shall be allocated among
the Partners in accordance with Regulation Section 1.704-1 (b)(4)(ii), unless
the applicable Code provision shall otherwise require.

            (c) CONFORMITY OF REPORTING. The Partners are aware of the income
tax consequences of the allocations made by this Section 4.3 and hereby agree to
be bound by the provisions of this Section 4.3 in reporting their shares of
Partnership profits, gains, income, losses, deductions, credits and other items
for income tax purposes.

            (d) EXCESS NONRECOURSE LIABILITIES. For purposes of determining a
Partner's proportionate share of the excess nonrecourse liabilities of the
Partnership within the meaning of Regulation Section 1.752-3(a)(3), the
Partners' interests in the Partnership Profits are in proportion to their
Percentage Interests.

                                    ARTICLE V
                                  DISTRIBUTIONS

      5.1 IN GENERAL. Except as otherwise provided herein, all distributions
shall be made in proportion to the Partners' Percentage Interests.

      5.2 PERIODIC DISTRIBUTIONS. The Management Committee (or, at the
Management Committee's direction, the President and Chief Executive Officer of
the Partnership), on or before the last day of each month shall hereafter (i)
determine the amount (x) of earnings or other Partnership funds available for
distribution to the Partners and (y) the amount of working capital needed for
the continuing operations of the business of the Partnership (including, without

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limitation, capital expenditures), and (ii) cause the excess, if any, of (x)
over (y) (the "Net Available Cash From Operations") to be distributed to the
Partners (subject to Section 1.8 of the Denver Newspaper Agency Joint Operating
Agreement, and the provisions of this Agreement relating to the Agency's
retention of sums otherwise distributable to a Partner to discharge certain
unpaid capital contributions or other obligations to the Agency and subject to
the Partnership's being reimbursed for any Editorial Expenses it may have paid
in the first instance on the Partners' behalf and any Total Excess Page Charges
or Total Excess Color Charges that may then be owed by the Partners, as provided
in the Denver Newspaper Agency Joint Operating Agreement). Except as otherwise
provided herein or in Section 1.8 of the Denver Newspaper Agency Joint Operating
Agreement, all distributions shall be made: (a) first, to each Partner with
Remaining Excluded Payables, to the extent of any such Remaining Excluded
Payables, until such Remaining Excluded Payables have been reduced to zero, and
(b) next, in proportion to the Partners' Percentage Interests. If a distribution
of cash is deemed made pursuant to Section 5.2(b) and the distribution is not in
proportion to the Partners' Percentage Interest, then the Management Committee
shall adjust subsequent distributions as promptly as practicable so that the
cumulative distributions deemed made pursuant to Section 5.2(b) are, in the
aggregate, in proportion to the Partners' Percentage Interests.

      5.3 SPECIAL DISTRIBUTION. As of the Effective Date, the Tax Matters
Partner shall determine the total adjusted basis for federal income tax purposes
of all the assets of the Partnership (taking into account the contribution by
Denver Post of the Additional Post Entities Contributed Assets as described in
Section 2.1 of the Denver Newspaper Agency Contribution and Sale Agreement
immediately prior to and without regard to the contribution by Denver Publishing
of the Denver Publishing Contributed Assets and without regard to the sale by
Denver Post of a portion of its interest in the Partnership as described in
Section 3.1 of the Denver Newspaper Agency Contribution and Sale Agreement))

<PAGE>

(the "Attributable Basis"). As of the Effective Date, the Tax Matters Partner
shall then reduce the Attributable Basis as required to reflect the sale by
Denver Post of a portion of its interest in the Partnership as described in
Section 3.1 of the Denver Newspaper Agency Contribution and Sale Agreement (the
"Adjusted Attributable Basis"). The Tax Matters Partner shall next determine the
present value of the total federal income tax depreciation deductions
attributable to the Adjusted Attributable Basis allocable to Denver Post and
Eastern Colorado (or their successors) using (x) a discount rate of seven
percent (7%) per annum, and (y) the depreciable lives and depreciation methods
used by the Partnership with respect to the assets reflected in the Adjusted
Attributable Basis immediately before the admission of Denver Publishing as a
Partner ("Present Value #1"). On the date which is the fifth (5th) anniversary
of the Effective Date, the Tax Matters Partner shall determine the future value,
as of such date, of Present Value #1 (the "Adjusted Present Value #1") and
determine (1) the total federal income tax depreciation deductions with respect
to all the assets contributed by Denver Post, Eastern Colorado and Denver
Publishing under the Denver Newspaper Agency Contribution and Sale Agreement and
allocable to Denver Post and Eastern Colorado or their successors under this
Agreement, as then in effect (the "Attributable Depreciation Deductions") using
the depreciable lives and depreciation methods then used by the Partnership and
taking into account the Partnership's method or methods under Section 704(c) of
the Code then in use, and (2) the present value, as of such date, of the
Attributable Depreciation Deductions using a discount rate of seven percent (7%)
per annum ("Present Value #2"). The Tax Matters Partner shall then compare
Adjusted Present Value #1 and Present Value #2. If Adjusted Present Value #1 as

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so determined exceeds Present Value #2, then the Partnership shall immediately
pay to Denver Post and Eastern Colorado (or their successors) their respective
shares of an amount equal to one hundred twenty-three percent (123%) of such
excess (the "Special Distribution"). However, if the amount of the Special
Distribution exceeds three million dollars ($3,000,000), then the Partnership
shall immediately pay three million dollars ($3,000,000) to the Post Entities
and shall pay the remainder of the Special Distribution to the Post Entities, in
amounts not to exceed three million dollars ($3,000,000) in any one Fiscal Year,
in the Partnership's next succeeding Fiscal Year(s) until paid in full (with
interest at a rate of seven percent (7%) per annum on any deferred portion of
the Special Distribution, which interest amount shall be considered part of the
Special Distribution).

      5.4 DISTRIBUTION IN EVENT OF SALE OF INTEREST IN COLORADO ROCKIES.
Notwithstanding anything to the contrary in this Agreement, if the Partnership
sells any interest that it owns in the Colorado Rockies baseball team, Denver
Publishing shall receive the first $5,000,000 of proceeds of sale of such
interest, and the balance of the proceeds, if any, shall be distributed in
proportion to the Partners' Percentage Interests.

                                   ARTICLE VI
                             ACCOUNTING AND REPORTS

      6.1 BOOKS AND RECORDS.

            (a) The Partnership shall maintain or cause to be maintained at an
office of the Partnership this Agreement and all amendments thereto and full and
accurate books of the Partnership showing all receipts and expenditures, assets
and liabilities, Profits and Losses, and all other books, records and
information required by the Act as necessary for recording the Partnership's
business and affairs. The Partnership's books and records shall be maintained in

<PAGE>

accordance with GAAP except to the extent otherwise provided hereunder for
purposes of maintaining Capital Accounts in accordance with Article IV hereof
and calculating the Profits or Losses charged or credited thereto. Such
documents, books and records shall be maintained at such office or such
designated successor office until six (6) years after the termination and
liquidation of the Partnership.

            (b) Each Partner shall, upon 24 hours' advance notice, have the
right at reasonable times during usual business hours to inspect the facilities
of the Partnership, to observe the Partnership's operations and to examine and
make copies of the books of account including books and records of the
Partnership relating to the reserves, assets, liabilities and expenses of the
Partnership and expenditures by the Management Committee on behalf of the
Partnership; PROVIDED, HOWEVER, that none of the foregoing activities shall be
conducted in a manner that unreasonably interferes with the Partnership's
operations or business or the Management Committee's management thereof. Such
right may be exercised through any agent or employee of a Partner designated in
writing by it or by an independent public accountant, engineer, attorney or
other consultant so designated. The Partner making the request shall bear all
expenses incurred in any inspection or examination made at such Partner's
behest. Should any inspection or examination disclose any errors or improper
charges, the Management Committee shall make, or cause to be made, appropriate
adjustments therefor.

      6.2 REPORTS TO PARTNERS.

            (a) Each Partner shall be entitled to such periodic financial
reports as are required to be furnished such Partners under the terms of the
Denver Newspaper Agency Joint Operating Agreement.

<PAGE>

            (b) The Partnership shall, in addition, provide to each Partner such
information as may be necessary for it to comply with applicable financial
reporting requirements of any competent governmental authorities or agencies or
of any stock exchange on which the shares of any such Partner or Affiliate are
listed including, without limitation, the New York Stock Exchange and the U.S.
Securities and Exchange Commission, and such information regarding the financial
position, business, properties or affairs of the Partnership as a Partner may
reasonably request.

      6.3 TAX MATTERS PARTNER/ANNUAL TAX RETURNS.

            (a) Denver Publishing is hereby designated hereafter to serve as the
"Tax Matters Partner" for federal income tax purposes pursuant to Section 6231
of the Code and is authorized to do whatever is necessary to qualify as such.
Denver Publishing shall serve as the Tax Matters Partner until the end of the
fourth taxable year following the Effective Date (the "Initial Tax Matters
Term"). After the end of the Initial Tax Matters Term, Denver Post shall be the
Tax Matters Partner for the next four taxable years of the Partnership.
Thereafter, Denver Publishing and Denver Post shall serve alternate four year
terms as the Tax Matters Partner, starting again with Denver Publishing. If a
Partner resigns as the Tax Matters Partner, the Partner who is next due to serve
as the Tax Matters Partner shall serve out the remainder of the term of the
Partner who resigned. The Tax Matters Partner shall, as soon as practicable
under the circumstances, inform each Partner of all tax-related matters that
are, or have the reasonable potential to become, material to one or both
Partners that come to its attention as Tax Matters Partner.

<PAGE>

            (b) Notwithstanding the designation of a Partner as the Tax Matters
Partner:

                  (i) any right or power delegated by the Code to the Tax
Matters Partner may be exercised by Absolute Majority Vote of the Management
Committee;

                  (ii) no tax return, tax form or (except as provided in Section
6.5) any election shall be filed with or sent to the U.S. or any foreign
government without the approval of the Management Committee. If an unresolvable
dispute arises over any such return, form or letter of election, the Agency's
firm of independent accountants or another firm of independent accountants, as
selected by the Management Committee (by Absolute Majority Vote), shall be
engaged to settle such dispute and the determination of the firm so selected
shall be final;

                  (iii) each Partner shall have the right to review all
information necessary to support any item on any tax return, tax form, letter or
other tax-related document of the Partnership at least 30 days prior to the
filing thereof.

            (c) The Tax Matters Partner shall prepare or cause to be prepared
all tax or informational returns required of the Partnership and/or relating to
the Partners, which returns shall be reviewed in advance of filing by the
Partner's and the Partnership's independent accountants and shall be approved
for filing and/or distribution to the Partners by the Management Committee.
Within one hundred eighty (180) days after the end of each taxable year, the Tax
Matters Partner shall. cause to be furnished to each Partner such information in
the possession of the Tax Matters Partner or its Affiliate as may be requested
by such Partner as necessary to timely fulfill such Partner's federal, state,
local and foreign tax obligations, including Form K-1, or any similar form as
may be required by the Code or the Internal Revenue Service (the "IRS") or, to
the extent any such information is not in the Tax Matters Partner's possession,
the Tax Matters Partner shall take all reasonable steps necessary to have such

<PAGE>

information provided to the requesting Partner. The Tax Matters Partner and the
Management Committee shall consider in good faith, consistent with Section
6.3(a) and (b) hereof, any comments of the Partners with respect to such Form
K-1 or similar form made within thirty (30) days of the Partner's receipt of a
copy thereof. The Partners shall file their corporate returns in a manner
consistent with the Partnership tax and information returns.

            (d) The Tax Matters Partner shall, consistent with the Business
Plan, use its best efforts to do all acts and take whatever steps are required
to maximize, in the aggregate, the federal, state and local income tax
advantages available to the Partners and shall defend all tax audits and
litigation with respect thereto. The Tax Matters Partner shall maintain the
books, records and tax returns of the Partnership in a manner consistent with
the acts, elections and steps taken by the Partnership.

            (e) The Tax Matters Partner shall be reimbursed for all
out-of-pocket expenses reasonably and appropriately incurred in connection with
its services on behalf of the Partnership.

      6.4 ACTIONS IN EVENT OF AUDIT. If any tax audit of any of the
Partnership's books and records shall occur, each Partner shall, at the expense
of the Partnership, be offered an appropriate opportunity to participate in such
audit. No Partner may contest, settle or otherwise compromise assertions of the
auditing agent which may be adverse to the Partnership or the other Partner
without the approval of the Management Committee. The Management Committee may,
if it determines that the retention of accountants or other professionals would
be in the best interests of the Partnership, retain such accountants or other
professionals, to assist in any such audits. The Partnership shall indemnify and
reimburse the Management Committee or the Partners (as the case may be) for all

<PAGE>

expenses, including legal and accounting fees, claims, liabilities, losses, and
damages reasonably and appropriately incurred by the Management Committee or the
Partners in connection with any administrative or judicial proceeding with
respect to any such tax audit of the Partnership's books and records. The
payment of all such expenses to which this indemnification applies shall be made
before any distributions are made to the Partners under Article V hereof.
Neither the Tax Matters Partner nor any other Partner shall have any obligation
to provide funds for or in connection with such audit, and the taking of any
action and the incurring of any expense by the Management Committee or the
Partners in connection with any such audit, except to the extent required by
law, is a matter in the sole discretion of the Management Committee or the
Partners, as the case may be.

      6.5 TAX ELECTION. The Tax Matters Partner shall, at the request of any
Partner, cause the Partnership to file an election under Code Section 754 and
the Regulations thereunder and a corresponding election under the applicable
section of state and local law.

                                   ARTICLE VII
                               ACTIONS BY PARTNERS

      7.1 MEETINGS/ACTIONS BY PARTNERS. Meetings of the Partners shall hereafter
be held at the place and time designated from time to time by any Partner upon
at least five (5) business days prior written notice to the other Partners.
Subject to the provisions of Section 7.3 hereof, such meetings may be in person
or by telephone. Denver Post and Denver Publishing, whether present in person or
by proxy, shall constitute a quorum for the transaction of business at any
meeting of the Partners. Subject to the provisions of this Agreement, any matter
brought before a meeting of the Partners shall be decided by unanimous vote of
the Partners present at a duly constituted meeting at which a quorum is present,

<PAGE>

except as otherwise expressly provided in this Agreement. The Chairman of the
Management Committee (if present in person) shall preside at all meetings of the
Partners. In the absence of the Chairman of the Management Committee, such other
person as shall be selected by the unanimous vote of those in attendance shall
preside over a meeting of the Partners. The Partnership shall promptly deliver
written notice of any action taken at a meeting to any Partner not present at
such meeting.

      7.2 CERTAIN MATTERS REQUIRING APPROVAL OF THE PARTNERS. The Partnership
shall not hereafter, except with the approval of all of the Partners do any of
the following, all of which shall be considered Reserved Matters for purposes of
the Denver Newspaper Agency Joint Operating Agreement:

            (a) admit any new Partner or Substitute Partner to the Partnership
and determine the terms upon which such new Partner or Substitute Partner is to
be admitted;

            (b) require additional capital contributions or loans from the
Partners;

            (c) sell, lease or otherwise dispose of any material assets of the
Partnership, except in the ordinary course of the Partnership's business;

            (d) commit or cause the Partnership to acquire all or substantially
all of the capital stock or all or substantially all of the assets of any person
or business;

            (e) cause the Partnership to create, or enter into, as applicable,
any consolidation, partnership, joint venture, association, trust or other
business entity;

            (f) merge or consolidate with any person;

            (g) except as permitted pursuant to Article X of this Agreement,
dissolve or liquidate the Partnership;

<PAGE>

            (h) authorize the issuance of any securities by the Partnership,
except as otherwise may be expressly permitted in this Agreement;

            (i) adopt or approve any amendment to this Agreement;

            (j) add to or change the Business Purpose of the Partnership; or

            (k) enter into any line of business not contemplated by the
Partnership's Business Purpose.

      7.3 ACTION BY CONSENT. Any action permitted or required to be taken on
behalf of the Partnership at any meeting of the Partners pursuant to Section 7.2
of this Agreement may be taken without a meeting, by written consent signed by
the Partners required to approve such action, PROVIDED that each Partner is
given notice of such proposed action at least 48 hours prior to the taking of
such action and is provided a written copy of the action promptly after its
adoption.

                                  ARTICLE VIII
                              MANAGEMENT COMMITTEE

      8.1 THE MANAGEMENT COMMITTEE. Except for matters which are reserved under
the terms of this Agreement, by the Certificate of Formation or by the Act to be
exercised, done or approved by the Partners, the business and affairs of the
Partnership shall hereafter be managed under the direction and authority of the
Management Committee, as hereinafter defined and instituted.

            (a) NUMBER, APPOINTMENT AND TERM OF MEMBERS OF THE MANAGEMENT
COMMITTEE. The Management Committee shall hereafter be composed of four (4)
members, two (2) of which shall be appointed collectively by Denver Post and
Eastern Colorado and shall be the Chief Executive Officer and Chief Financial
Officer of Denver Post (or their designees), and two (2) of which shall be

<PAGE>

appointed by Denver Publishing and shall be the Chief Executive Officer and
Chief Financial Officer of The E. W. Scripps Company, an Ohio corporation and
parent of Denver Publishing (or their designees). Each member of the Management
Committee shall hereafter serve at the pleasure of the Partner or Partners
appointing him (or of any Affiliate of such person who becomes a Substitute
Partner subsequent to such appointment) and until his successor has been duly
appointed, or until his resignation or removal. Commencing as of the Effective
Date, a single member of the Management Committee shall be selected, as
hereinafter provided, to serve as Chairman of the Management Committee for a
four (4) year term and/or until the selection of his successor. The Chairman of
the Management Committee shall preside over all meetings of the Management
Committee and shall perform such other functions and responsibilities as the
Partners (acting unanimously) or the Management Committee (acting by Absolute
Majority Vote) may from time to time delegate to such person under the terms of
this Agreement or otherwise. The Chairman of the Management Committee shall
commencing as of the Effective Date be selected by the members of the Management
Committee appointed collectively by Denver Post and Eastern Colorado, and
thereafter the members of the Management Committee appointed by (i) Denver
Publishing and (ii) Denver Post and Eastern Colorado collectively, shall
alternate selecting such Chairman for a four (4) year term. The Management
Committee (acting by Absolute Majority Vote) shall commencing upon the Effective
Date appoint annually a President and Chief Executive Officer of the
Partnership, reporting to it, to serve for a term of one year and until his or
her successor is elected. The President and Chief Executive Officer shall
thereafter oversee all activities of the Agency, consistent with the terms of

<PAGE>

this Agreement and The Denver Newspaper Agency Joint Operating Agreement, and in
accordance with annual operating and capital budgets approved by the Management
Committee. The Management Committee (acting by Absolute Majority Vote) may
remove the President and Chief Executive Officer at any meeting and elect his or
her successor. In the case of a deadlock with respect to any matter to be acted
upon by the Management Committee (other than the election or removal of a
President and Chief Executive Officer and such other matters as are reserved
solely for decision by an Absolute Majority Vote of the Management Committee or
by the Partners unanimously, all such matters, including, without limitation,
election or removal of a President and Chief Executive Officer, being referred
to hereinafter collectively as the "Reserved Matters"), the President and Chief
Executive Officer of the Partnership shall be empowered to break such deadlock.
Any deadlock concerning any Reserved Matter shall be resolved in accordance with
Section 13.1 hereof.

            (b) DUTIES AND POWERS. The Management Committee may exercise all
such powers of the Partnership and may do all such lawful acts and things as are
not (by statute, by the Certificate of Formation or by this Agreement) directed
or required to be approved, exercised or done by the Partners.

      8.2 REMOVAL OF MEMBERS OF THE MANAGEMENT COMMITTEE; VACANCIES. A member of
the Management Committee may be removed at any time, with or without cause, by
the Partner or Partners who appointed such member (or by any Affiliate of such
person who becomes a Substitute Partner subsequent to such appointment). Any
vacancy on the Management Committee resulting from removal, resignation, death
or incapacity shall be filled by the person who originally appointed the manager

<PAGE>

who resigned, was removed, died or became disabled (or by any Affiliate of any
such person who becomes a Substitute Partner subsequent to such appointment).

      8.3 MEETINGS OF THE MANAGEMENT COMMITTEE; NOTICE. The Management Committee
shall hereafter meet regularly quarterly at such time and place as may from time
to time be determined by the Chairman of the Management Committee. Special
meetings of the Management Committee may be called by any member of the
Management Committee by notifying the Chairman of the Management Committee of
such request. Any member of the Management Committee may attend any regular or
special meeting of the Management Committee by telephone so long as such member
can hear and be heard by all other members thereof in attendance. The Chairman
shall give written notice of regular and special meetings of the Management
Committee, stating the place, date and hour of the meeting, to each member of
the Management Committee together with an agenda for such meeting. For regular
quarterly meetings, such notice shall be provided at least 30 days prior to such
meetings. For special meetings, such notice shall be provided at least five (5)
business days before the date of the meeting. Notice may be delivered in person,
by telecopy, fax, electronic mail or other means of written communication. The
meetings of the Management Committee shall be convened by the Chairman, or in
the absence or unavailability of the Chairman, by the member who requested the
meeting.

      8.4 QUORUM. For all matters specified in a duly delivered notice of a
meeting of the Management Committee, three members of the Management Committee
shall constitute a quorum for the transaction of such business either in person
or by telephone. Any member of the Management Committee who is unable to attend
a meeting thereof may provide his proxy to any other member of the Management

<PAGE>

Committee and such other member shall be empowered to act on behalf of the
member providing such proxy in accordance with the instructions therein.

      8.5 VOTING. Any matter brought before the Management Committee shall be
decided by a majority of the members of the Management Committee present, except
as otherwise provided in this Agreement or as otherwise provided under the laws
of the State of Delaware.

      8.6 CERTAIN MATTERS REQUIRING AN ABSOLUTE MAJORITY VOTE OF THE MANAGEMENT
COMMITTEE. The Partnership shall not hereafter, notwithstanding any other
provision of this Agreement, without the approval of an Absolute Majority of the
Management Committee do any of the following, none of which shall be considered
"Reserved Matters" for purposes of The Denver Newspaper Agency Joint Operating
Agreement, except as hereinafter expressly noted:

            (a) except as otherwise expressly provided herein or in The Denver
Newspaper Agency Joint Operating Agreement, determine the amount of Net
Available Cash From Operations to be distributed to the Partners, or declare or
otherwise cause a distribution to any Partner of cash or other assets or
properties of the Partnership in any manner other than as set forth in Sections
5.1, 5.2 and 5.3 of this Agreement (a Reserved Matter);

            (b) approve or amend the annual Business Plans of the Partnership (a
Reserved Matter);

            (c) except as otherwise required by law or governmental authority,
change the financial accounting or tax principles used by the Partnership or the
Partnership's fiscal year (a Reserved Matter);

<PAGE>

            (d) commit or cause the Partnership to invest in or purchase the
securities of, or any interests of, any person except short-term investments in
U.S. Government securities, federally-insured certificates of deposit,
repurchase agreements for such securities, or commercial paper rated AA or
better by Moody's or its equivalent by a nationally recognized statistical
rating organization;

            (e) commit or cause the Partnership to make aggregate capital
expenditures in any Fiscal Year exceeding by $250,000 or more such amounts as
are specified therefor in the then-applicable Business Plan (a Reserved Matter);

            (f) except in the ordinary course of business and other than with
respect to operating leases or equipment leases/purchase money financings to the
extent provided in subsection ,(k) hereof, commit or cause the Partnership to
enter into any contract, agreement, understanding or transaction involving or
requiring annual expenditures on the part of the Partnership exceeding by
$250,000 or more such amounts as are specified therefor in the then-applicable
Business Plan (a Reserved Matter);

            (g) employ or use the services of, or enter into any transaction
with, any Partner or any affiliate thereof, directly or indirectly, except upon
standard, commercial terms a (Reserved Matter);

            (h) advance, lend, or contribute to the capital of another person,
any funds of the Partnership except for trade accounts receivables, upon behalf
of the Partnership's customers, and except for customary employee advances,
created in the ordinary course of the Partnership's business (a Reserved
Matter);

            (i) pay, liquidate, settle, cancel, or otherwise dispose of, on
behalf of the Partnership, any debts, suits, claims or demands ("Claim") by or

<PAGE>

against the Partnership, unless such a Claim involves only the payment of money
and the amount of the Claim in question does not exceed $250,000;

            (j) unless specified in the then-applicable Business Plan, or except
as otherwise provided in this Agreement, transfer or otherwise license or assign
rights in any property of the Partnership other than in the ordinary course of
the Partnership's business;

            (k) unless specified in the then-applicable Business Plan, commit or
cause the Partnership (i) to borrow any funds; (ii) to enter into any operating
leases involving aggregate annual lease payments in excess of $50,000; (iii) to
enter into any equipment leases or purchase money financings of an aggregate
principal amount in excess of $250,000 per year; or (iv) to encumber any of the
assets or properties of the Partnership, except for such purchase money
financings, other than to the extent such assets are encumbered on the date
hereof (a Reserved Matter);

            (l) (i) assign any property of the Partnership in trust for
creditors; (ii) institute any bankruptcy or insolvency proceeding; (iii) confess
a judgment or enter into any agreement pursuant to which a judgment can be
confessed; or (iv) submit a material Partnership claim or liability to
arbitration or mediation, except as may otherwise be provided in this Agreement
(a Reserved Matter);

            (m) unless specified in the then-applicable Business Plan, license
or grant any other rights in any intellectual property of the Partnership
outside of the ordinary course of business or delegate any marketing rights with
respect to such intellectual property or the products of the Partnership (a
Reserved Matter);

            (n) initiate any lawsuit on behalf of the Partnership where the
amount in controversy exceeds $100,000 (a Reserved Matter); or

<PAGE>

            (o) select an independent accounting firm other than the
Partnership's independent auditors to act as an arbitrator to resolve tax
related disputes among the Partners, as provided in Section 6.3(b)(ii) of this
Agreement (a Reserved Matter);

            (p) elect or remove the President and Chief Executive Officer of the
Partnership (a Reserved Matter).

            (q) dispose of, or fail to use in connection with the joint
operating arrangement contemplated under The Denver Newspaper Agency Joint
Operating Agreement, any of the properties and assets contributed by the
Partners to the Agency (a Reserved Matter);

            (r) convert the Saturday Edition from tabloid format to broadsheet
format (a Reserved Matter); or

            (s) determine whether or not to accept assignment of any contract,
permit, license, authorization or instrument pursuant to The Denver Newspaper
Agency Joint Operating Agreement.

      8.7 ACTION BY CONSENT. Any action required or permitted to be taken on
behalf of the Partnership at any meeting of the Management Committee may
hereafter be taken without a meeting by written consent signed by the number of
members of the Management Committee required to approve such action, PROVIDED
that each member of the Management Committee is given notice of such proposed
action at least 48 hours prior to the taking of such action and is provided a
written copy of the action promptly after its adoption.

                                   ARTICLE IX
                       Transfer of Partnership Interests;
                       ADDITIONAL AND SUBSTITUTE PARTNERS

      9.1 PROHIBITED TRANSFERS. Except as otherwise permitted herein or provided
by law, no Partner may hereafter Transfer its Interest or any part thereof in

<PAGE>

any way whatsoever to any person. Any such Transfer in violation of this Article
IX shall be null and void as against the Partnership and any and all other
persons, and the transferring Partner shall be liable to the Partnership and the
other Partners for all damages that they may sustain as a result of such
attempted Transfer.

      9.2 PERMITTED TRANSFERS BY PARTNERS. Subject to Section 9.2(h), no Partner
may hereafter Transfer all or any portion of its Interest to a Transferee who is
not an Affiliate of a Partner unless the Partner has first complied with Section
9.5 of this Agreement. In addition, with respect to all transfers by a Partner
of all or any portion of such Interest, no such transfer shall hereafter be made
unless:

            (a) the Partner desiring to consummate such Transfer (the "Assigning
Partner"), and the prospective Transferee shall each execute, acknowledge and
deliver to the Partnership such instruments of transfer and assignment with
respect to such Transfer and such other instruments as may be reasonably
satisfactory in form and substance to the Management Committee;

            (b) the Transfer shall not violate any federal or state securities
laws or other laws;

            (c) the Transfer shall not cause any nonrecourse debt that is not
already Partner Nonrecourse Debt to become Partner Nonrecourse Debt;

            (d) the Transfer shall not result in or create a "prohibited
transaction" as defined in Section 4975(c) of the Code, or result in or cause
the Partnership or any Partner, or any Affiliate of a Partner, to be liable for
any excise tax under Chapter 42 of the Code, or result in or cause any Interest
or the Partnership's assets to become an asset of an employee benefit plan (as
defined in Section 3(3) of ERISA);

<PAGE>

            (e) the Transfer shall not cause any violation of or an event of
default under, or result in acceleration of any indebtedness under, any note,
mortgage, loan, or similar instrument or document to which the Partnership is a
party;

            (f) the Transfer shall not cause a material adverse tax consequence
to the Partnership or any of the Partners, including but not limited to any
material adverse tax consequence resulting, directly or indirectly, from the
termination of the Partnership under Section 708 of the Code; and,

            (g) the Transfer shall not cause the Partnership to be classified as
an entity other than a partnership for purposes of the Code.

            (h) notwithstanding any other provision of this Agreement to the
contrary, Eastern Colorado shall remain a Partner of the Partnership for at
least five (5) years from the date hereof.

      9.3 SUBSTITUTE PARTNER. A Transferee of the entirety of an Interest (other
than a Transferee pursuant to an Involuntary Transfer pursuant to Section 9.4 of
this Agreement) who satisfies the conditions set forth in Section 9.2 hereof
shall hereafter have the right to become a Partner in place of the Assigning
Partner (a "Substitute Partner"), but only if all of the following conditions
are satisfied:

            (a) the fully executed and acknowledged written instrument of
assignment that has been filed with the Partnership sets forth a statement of
the intention of the Assigning Partner that the Transferee become a Substitute
Partner in its place;

            (b) the Transferee executes, adopts and acknowledges this Agreement
(as it may be amended) and agrees to assume all the obligations of the Assigning
Partner;

<PAGE>

            (c) any costs of the Transfer incurred by the Partnership shall have
been reimbursed by the Assigning Partner or the Transferee to the Partnership;
and

            (d) the other Partner consents to the Transferee's becoming a
Substitute Partner.

      9.4 INVOLUNTARY TRANSFERS.

            (a) Upon any Transfer hereafter of a Partner's Interest due to
bankruptcy, or other insolvency, involuntary dissolution or liquidation of a
Partner, or foreclosure or other exercise of any remedies by a party holding a
security interest in the Interest of a Partner (each, an "Involuntary
Transfer'), or upon the occurrence of a "Bankruptcy Event" with respect to any
Partner, neither such Partner, nor any Transferee of a Partners Interest as a
result of an Involuntary Transfer or a Bankruptcy Event shall thereafter be
entitled to exercise any rights of a Partner, nor shall either thereby or
thereafter be entitled to any Interest in the Partnership other than such rights
as such Partner may have held, immediately prior to the occurrence of the
Involuntary Transfer or Bankruptcy Event, in the Profits, Losses and/or capital
of the Partnership. A Transferee by Involuntary Transfer of a Partner's Interest
or a result of a Bankruptcy Event shall not become a Substitute Partner unless
the remaining Partner consents. The Partnership may elect to purchase the
Interest which is the subject of an Involuntary Transfer or which is held by a
Partner that has suffered the occurrence of a Bankruptcy Event. Upon such
election by the Partnership, the holder of such Interest shall transfer such
Interest to the Partnership and shall be entitled to receive an amount equal to
the fair market value of such Interest. The amount thus to be paid by the
Partnership shall be paid out as follows: (i) 25% of such amount shall be paid
by the Partnership in cash within 180 days of the Partnership's election to
acquire such Interest; and (ii) the remainder of such amount shall be paid by

<PAGE>

the Partnership at such time as the Management Committee deems advisable, but in
any case within two (2) years of the occurrence of the Involuntary Transfer or
Bankruptcy Event. All amounts owing under the preceding clause (ii) shall accrue
interest at a rate equal to the prime rate published by The Bank of New York
until the date of payment. The Partner whose Interest was the subject of the
Involuntary Transfer or who suffered the occurrence of the Bankruptcy Event
shall remain fully liable to the Partnership for all such Partner's outstanding
debts, obligations and liabilities to the Partnership incurred while it was a
Partner.

            (b) (i) For the purposes of calculating the amount to be paid
pursuant to the preceding sub-paragraph, "fair market value" as used therein
shall be the amount that would be paid for the Interest in the Partnership as a
going concern (taking into consideration the effects of the Involuntary Transfer
or Bankruptcy Event), on a consolidated basis, by a willing buyer to a willing
seller. The Partner who has suffered the Bankruptcy Event or the Transferee
whose Interest is the subject of the Involuntary Transfer, as the case may be,
and the remaining Partner may mutually agree as to the fair market value of the
Interest in question. If such Partner or Transferee and the remaining Partner
are unable to agree on such fair market value within fifteen (15) days of the
remaining Partner's election to purchase the subject Interest, then fair market
value shall be determined pursuant to Section 9.4(b)(ii) by two independent
qualified appraisers, one to be appointed by the Partner or Transferee and one
to be appointed by the remaining Partner.

            (ii) The two independent appraisers shall be appointed within
fifteen (15) days after receipt by such Partner or Transferee of written notice
from the remaining Partner of its decision to determine fair market value by
appraisal. If either side fails to appoint an appraiser within such period, then

<PAGE>

its right to do so shall lapse and the appraisal made by the one independent
appraiser who is timely appointed shall be the fair market value. If two
appraisals are made, and if the two appraised values differ by less than 15% of
the higher appraised value, fair market value shall be the average of the two
appraisals, and if the two appraised values differ by more than 15% of the
higher appraised value, the two appraisers shall jointly select a third
appraiser and, the fair market value shall be the average of the two of the
three appraisals that are closest together in amount. All appraisals shall be
made within thirty (30) days of appointment of an appraiser, and written notice
of the results of such appraisals shall be given to all parties within such
30-day period. The fair market value of the Partnership shall be determined in
its entirety as a going concern, with such Partner or Transferee receiving a
proportionate part of such total value based upon its Percentage Interest. In
making any appraisal hereunder, all debts and liabilities shall be taken into
account. Each party shall pay the fees of the appraiser selected by it, and each
side shall share evenly the fees of the third appraiser, if any.

      9.5 RIGHT OF FIRST REFUSAL.

            (a) No Partner or any Transferee of all or any portion of a
Partner's Interest may hereafter transfer all or any part of its Interest in the
Partnership unless it has complied with the procedures of Section 9.2 and,
except for transfers to an Affiliate of a Partner, first offers to sell such
Interest to the other Partners pursuant to the terms of this Section 9.5. A
Partner or any Transferee shall also similarly be required to offer to sell such
Interest to the other Partners, pursuant to the terms of this Section 9.5, upon
the occurrence of any of the following: (i) the sale of all or substantially all
of the assets of such Partner or Transferee or of any person or entity directly
or indirectly owning a majority of the outstanding voting capital stock or other

<PAGE>

voting equity interests of such Partner or Transferee (hereinafter a
"Controlling Person"), or (ii) a merger, consolidation or other reorganization
or a sale of capital stock of such Partner or Transferee or Controlling Person,
whereby immediately following such merger, consolidation, reorganization or sale
the shareholders of such Partner, Transferee, or Controlling Person immediately
prior to such merger, consolidation, reorganization or sale own, directly or
indirectly, less than a majority of the outstanding voting capital stock of such
Partner, Transferee or Controlling Person or any other entity which may then
directly or indirectly own a majority of the outstanding voting capital stock or
other voting equity interests thereof. Each other Partner shall give the Partner
or Transferee seeking to Transfer its Interest written notice of its election to
purchase such Interest within 15 days of such other Partner's receipt of notice
of the proposed Transfer.

            (b) A Partner or a, Transferee (in each case, the "Offering Party"),
who (i) has received a "bona fide offer" to purchase all or any part of its
Interest at a specified price which such Partner or Transferee plans to accept,
or (ii) has consummated a transaction of the type specified in Section 9.5(a)(i)
or (a)(ii), shall give written notice to the other Partners (the "Option
Partners"), in the case of (i) above, setting forth the terms and price for the
offer and the person or persons making the offer to purchase, and in the case of
(ii) above, setting forth the occurrence and date of such event. The portion of
the Partners Interest subject to the bona fide offer in (i) above, and the
entire Partner's Interest in (ii) above, shall be referred to herein as the
"Offered Interest". The Option Partners shall have the right to purchase the
Offered Interest at such specified price (in the case of (i) above) or at the
value of the Interest as determined in accordance with Section 9.4(b) (in the
case of (ii) above). If an Option Partner desires to purchase the Offered

<PAGE>

Interest it shall give written notice to the Offering Party in the manner set
forth in Section 13.2 hereof and to the Partnership, within fifteen (15) days
following the date of receipt by such Option Partner of the Offering Party's
notice, stating that it has elected to purchase and the Interest it seeks to
purchase. Subject to Section 9.5(c), the closing of the sale and purchase of the
Offered Interest shall be promptly completed, but in any event within sixty (60)
days after the receipt of the Offering Party's notice by the Option Partners (or
such later date as necessary to obtain any necessary regulatory approvals). At
the closing, the Offering Party shall sell the Offered Interest, free and clear
of all liens and encumbrances, and execute and deliver such assignment(s) and
all other documents or other instruments of assignment or conveyance necessary
to effect and evidence the assignment. At the closing, the Option Partner(s)
shall deliver to the Offering Party cash, a certified or official bank check or
shall pay by wire transfer of immediately available funds the purchase price for
such Offered Interest that it has elected to purchase.

            (c) Notwithstanding the foregoing, if an Option Partner fails to
consummate the closing of the Offered Interest it has elected to purchase, then
the exercise of the right to purchase by such Option Partner shall not be
effective and such Option Partner shall not have any right to purchase the
Offered Interest. If an Option Partner does not elect to purchase all of the
Offered Interest pursuant to this Section 9.5, then the Offering Party shall be
free to sell the Offered Interest to the person named in the Offering Party's
notice (in the case of 9.5(b)(i), which sale shall be on the terms and
conditions stated in such notice and shall be completed as soon as practicable,
or shall be free to retain such unsold Interest (in the case of (b)(ii)).

<PAGE>

                                    ARTICLE X
                           DISSOLUTION AND LIQUIDATION

      10.1 DISSOLUTION. Except as provided in Section 10.2, the Partnership
shall be dissolved upon the first to occur hereafter (each a "Dissolution
Event") of:

            (a) The expiration of the term of the Denver Newspaper Agency Joint
Operating Agreement, as such term is therein specified;

            (b) The sale, transfer or other disposition of all or substantially
all the assets of the Partnership, including by condemnation or eminent domain;

            (c) The execution of an Agreement in writing among all the Partners
to dissolve the Partnership;

            (d) The entry of a decree of judicial dissolution of the
Partnership; or

            (e) Any other event that under the Act requires the Partnership to
dissolve notwithstanding an agreement of the Partners to the contrary; it being
recognized that a dissolution event set forth in the Act that can be altered or
eliminated by an Agreement of the Partners shall be deemed to be altered or
eliminated and not included within this Section 10.1. For purposes of this
Agreement, a Dissolution Event shall not be deemed to include any other event.

      10.2 CLOSING OF AFFAIRS.

            (a) Upon the occurrence of a Dissolution Event, the Partners will
meet and use their best efforts to develop a just and equitable plan for
discontinuing and dissolving the Partnership and distributing its assets in kind
between the Partners (after collection of all receivables and payment of all
indebtedness and liabilities of the Partnership and all costs of dissolution and
liquidation), in accordance with their respective Percentage Interests in the
Partnership, so as to enable the Partners to resume separate publication of THE

<PAGE>

DENVER POST and DENVER ROCKY MOUNTAIN NEWS, respectively, as independent
businesses (a "Distribution Plan"). If the Partners agree on a Distribution
Plan, the assets of the Partnership shall be distributed in accordance with the
Distribution Plan, all licenses granted by the Partners shall automatically
expire and terminate, and the Partnership shall thereupon be dissolved. Except
as provided in the Distribution Plan and upon effective distribution of assets
by the Partnership pursuant thereto, no Partner shall have any separate right,
title or interest in or to any asset of the Partnership.

            (b) If the Partners are unable to agree upon a Distribution Plan the
Partners shall commence to close the affairs of the Partnership, including
payment of the Partnership's liabilities and making such distributions to the
Partners as may be authorized hereunder and under the Denver Newspaper Agency
Joint Operating Agreement, and to terminate the existence of the Partnership, in
each instance in the manner as the Partners may reasonably determine to be
appropriate. Upon complete liquidation of the Partnership's property and
compliance with the distribution provisions set forth in Section 10.2(c) hereof,
the Partnership shall cease its existence, and the Management Committee shall
cause to be executed, acknowledged and filed all certificates necessary to
terminate the Partnership.

            (c) In liquidating the Partnership, the assets of the Partnership
shall be applied to the extent permitted by the Act in the following order of
priority:

                  (i) FIRST, to pay the costs and expenses of the closing of the
affairs and liquidation of the Partnership;

                  (ii) SECOND, to pay the matured debts and liabilities of the
Partnership to third parties;

<PAGE>

                  (iii) THIRD, to establish reserves adequate to meet any and
all contingent or unforeseen liabilities or obligations of the Partnership,
provided that at the expiration of such period of time as the Partners may deem
advisable, the balance of such reserves remaining after the payment of such
contingencies or liabilities shall be distributed as hereinafter provided;

                  (iv) FOURTH, to pay the matured debts and liabilities of the
Partnership to the Partners including those arising pursuant to Section 1.8 of
the Denver Newspaper Agency Joint Operating Agreement; and

                  (v) FIFTH, to all Partners in proportion to each Partner's
Percentage Interest at the time of the distribution of the assets, except that
Denver Publishing shall receive the first $5,000,000 of any proceeds from the
sale of any interest in the Colorado Rockies baseball team owned by the
Partnership and the balance of the proceeds, if any, shall be distributed in
proportion to the Partners' Percentage Interests.

            10.3 ORDERLY LIQUIDATION. A reasonable time shall be allowed for the
orderly liquidation of the assets of the Partnership and the discharge of
liabilities so as to minimize the losses normally attendant upon a liquidation.

            10.4 DEFICIT UPON LIQUIDATION. Except to the extent otherwise
provided in this Agreement or by law with respect to third-party creditors of
the Partnership, upon liquidation, none of the Partners shall be liable to the
Partnership for any deficit in its Capital Account, nor shall such deficits be
deemed assets of the Partnership.

<PAGE>

                                   ARTICLE XI
                             AMENDMENTS TO AGREEMENT

      Amendments to this Agreement and to the Certificate of Registration of the
Partnership shall be approved in writing by all of the Partners. An amendment
shall become effective as of the date specified therein, or if none is specified
as of the date of such approval or as otherwise provided in the Act.

                                   ARTICLE XII
                                 INDEMNIFICATION

      12.1 REMEDIES FOR BREACH. Except as otherwise limited by this Agreement,
each Partner shall have such remedies at law or in equity or as provided in this
Agreement for breach of the representations, warranties, obligations, and
covenants of this Agreement by any other Partner.

      12.2 LIMITATION OF LIABILITY. Notwithstanding any other provision of this
Agreement, except with respect to actions, demands, proceedings or suits of
third parties for which indemnification is required pursuant to Section 12.3, no
Partner shall be liable to any other Partner or entity claiming by or through
any other Partner for any lost profits or any special, incidental,
consequential, or punitive loss or damage arising out of this Agreement or any
breach thereof or any actions or omissions in connection therewith or as the
result of any investment in the Partnership by any Partner, or any rights as an
investor or Partner.

      12.3 INDEMNIFICATION BY PARTNERS FOR BREACH OF REPRESENTATIONS OR
WARRANTIES.

            (a) INDEMNIFICATION. Each Partner (the "Indemnifying Partner")
agrees to defend and hold harmless the Partnership, any other Partners and their
affiliates, officers, directors, trustees, employees and agents, and any
manager, officer, employee, or agent of the Partnership (each an "Indemnified
Party") from and against any action, demand, proceeding or suit, whether civil,

<PAGE>

criminal, administrative or investigative (an "Action") threatened or brought
against such Indemnified Party by a third party who is not the Partnership or a
Partner or an Affiliate of any Partner or anyone claiming by or through the
Partnership or a Partner, and based on a claim which if true would mean that the
Indemnifying Partner had breached representations or warranties made by such
Indemnifying Partner in Section 2.10 of this Agreement; PROVIDED, that such
indemnification shall be limited to (i) all costs of defense (including, but not
limited to, reasonable investigation costs, reasonable attorney fees and all
other reasonable costs of defending the Action at all adjudicatory levels), (ii)
any monetary amounts required to settle such Action or to satisfy any judgment,
order, award, or similar requirement entered in any such Action, (iii) the costs
and expenses incurred by the Partnership in complying with, or avoiding by
settlement, any injunctive or other relief sought by the party bringing such
Action, and (iv) any actual monetary damages incurred by each Partner other than
the Indemnifying Partner.

            (b) NOTICE AND DEFENSES OF CLAIMS.

                  (i) The Indemnified Party shall give prompt written notice to
the Indemnifying Partner of each Action that, in the opinion of the Indemnified
Party, is likely to give rise to a right of indemnification under this Section
12.3; PROVIDED, however, that failure to give such notice of an Action shall not
affect the obligations of the Indemnifying Partner under this Section 12.3
except to the extent the Indemnifying Partner has demonstrated actual damage
caused by such failure. Such notice shall describe the Action in reasonable
detail and shall indicate the amount (estimated, if necessary) of the loss that
has been or may be suffered by the Indemnified Party.

<PAGE>

                  (ii) Subject to the provisions of this Section 12.3, the
Indemnifying Partner shall have the right to control and conduct at its own
expense the defense and settlement of any such Action with counsel reasonably
satisfactory to the Indemnified Party, PROVIDED, however, that the consent of
all the Partners (other than the Indemnifying Partner) is required for any
settlement which would materially affect the ability of the Partnership to
engage in the business contemplated in its current Business Plan. Each
Indemnified Party may also retain counsel at its own expense to participate in
the defense of the Action.

                  (iii) After notice from the Indemnifying Partner of its
election to control and conduct the defense and settlement of such Action, the
Indemnifying Partner shall not be liable to the Indemnified Party for any legal
or other expenses subsequently incurred by the Indemnified Party in connection
with defense and settlement of such Action. The Indemnified Party shall
cooperate with the Indemnifying Partner in connection with any such Action by
making personnel, books and records (to the extent not inconsistent with any
applicable legal privilege) relevant to the Action available to the Indemnifying
Partner, and grant such authorization as may reasonably be necessary in
connection with the defense and settlement of any such Action.

                  (iv) In the event that the Indemnifying Partner does not wish
to control and conduct the defense and settlement of any such Action, or any
other Partner (other than the Indemnifying Partner) does not receive from the
Indemnifying Partner reasonable assurances (when requested by such other
Partner) that the Indemnifying Partner will have the financial resources to
defend the Action and fulfill its indemnification obligations hereunder, the

<PAGE>

Partnership shall have the right to control and conduct the defense and
settlement of the Action without the participation of the Indemnifying Partner,
and will not be required to obtain the consent of the Indemnifying Partner to
any settlement of such Action.

                  (v) The Indemnified Party shall use its reasonable efforts
consistent with sound business practice to mitigate the losses or damages for
which indemnification is sought hereunder.

      12.4 INDEMNIFICATION BY PARTNERSHIP.

            (a) The Partnership shall indemnify any person or entity that was or
is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Partnership), by
reason of the fact that such person or entity is or was a member of the
Management Committee, a Partner, or officer or is or was serving at the request
of the Partnership as a director, officer, employee, representative or agent of
another entity, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by such person
or entity in connection with such action, suit or proceeding if such person or
entity acted in good faith and in a manner such person or entity reasonably
believed to be in or not opposed to the best interest of the Partnership, and,
with respect to any criminal action or proceeding, had no reasonable cause to
believe his, her or its conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement or conviction, or upon a plea
of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption
that such person or entity did not act in good faith and in a manner which he,
she or it reasonably believed to be in or not opposed to the best interests of

<PAGE>

the Partnership, and, with respect to any criminal action or proceeding, had
reasonable cause to believe that his, her or its conduct was unlawful.

            (b) The Partnership shall indemnify any person or entity that was or
is a party or is threatened to be made a party to any threatened, pending or
completed action or suit in the right of the Partnership to procure a judgment
in its favor by reason of the fact that such person or entity is or was a member
of the Management Committee, a Partner or officer of the Partnership, or is or
was serving at the request of the Partnership as a director, officer, employee,
representative or agent of another entity, against expenses (including
attorneys' fees) actually and reasonably incurred by him, her or it in
connection with the defense or settlement of such action or suit if he, she or
it acted in good faith and in a manner such person or entity reasonably believed
to be in or not opposed to the best interests of the Partnership, except that no
indemnification shall be made in respect of any claim, issue or matter as to
which such person or entity shall have been adjudged to be liable to the
Partnership unless and only to the extent that a Delaware state court or the
court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances
of the case, such person or entity is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.

            (c) To the extent that a member of the Management Committee or a
Partner or officer of the Partnership has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in paragraphs
(a) and (b) of this Section 12.4, or in defense of any claim therein, he, she or
it shall be indemnified against expenses (including attorneys' fees) actually
and reasonably incurred by him, her or it in connection therewith.

<PAGE>

            (d) Any indemnification under paragraphs (a) and (b) of this Section
12.4 (unless ordered by a court of competent jurisdiction) shall be made by the
Partnership only as authorized in the specific case upon a determination that
indemnification of the member of the Management Committee, a Partner or officer
is proper in the circumstances because he, she or it has met the applicable
standard of conduct set forth in paragraphs (a) and (b) of this Section 12.4.
Such determination shall be made (i) by the Management Committee by a majority
vote of the members thereof who were not parties to such action, suit or
proceeding (even if such persons constitute less than a quorum), (ii) if a
majority of the disinterested members of the Management Committee (even if such
persons constitute less than a quorum) so directs, by independent legal counsel
in a written opinion or (iii) if no disinterested members of the Management
Committee exist, by all Partners.

            (e) Expenses (including attorneys' fees) incurred by a member of the
Management Committee or a Partner in defending any civil, criminal,
administrative or investigative action, suit or proceeding shall be paid by the
Partnership in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such person to
repay such amount if it shall ultimately be determined that he, she or it is not
entitled to be indemnified by the Partnership pursuant to this Section 12.4.
Expenses (including attorneys' fees) incurred by officers of the Partnership
shall be paid upon such terms and conditions, if any, as the Management
Committee deems appropriate.

            (f) The indemnification and advancement of expenses provided by, or
granted pursuant to, this Section 12.4 shall not be deemed exclusive of any
other rights to which those seeking indemnification or advancement of expenses
may be entitled under any agreement, vote of the Partners or vote of the

<PAGE>

disinterested members of the Management Committee or otherwise, both as to
action in an official capacity and as to action in another capacity while
holding such office.

            (g) The indemnification and advancement of expenses provided by, or
granted pursuant to, this Section 12.4 shall continue as to a person or entity
who has ceased to be a member of the Management Committee, a Partner or officer
and shall inure to the benefit of the heirs, executors, administrators,
successors or permitted assigns of such person or entity.

            (h) Notwithstanding anything in this Section 12.4 to the contrary,
the Partnership shall not have the obligation of indemnifying any person or
entity with respect to proceedings, claims or actions initiated or brought
voluntarily by such person or entity and not by way of defense.

            (i) The Partnership may purchase and maintain insurance or another
arrangement on behalf of any person or entity who is or was a member of the
Management Committee, a Partner, or an officer, employee, agent or other person
or entity identified in this Section 12.4 against any liability asserted against
such person or entity or incurred by such person or entity in such a capacity or
arising out of the status of such a person or entity, whether or not the
Partnership would have the power to indemnify such person or entity against that
liability under this Section 12.4 or otherwise.

            (j) The indemnification set forth in this Section 12.4 shall in no
event cause the Partners to incur any personal liability beyond their total
Capital Contribution, nor shall it result in any liability of the Partners to
any third party.

<PAGE>

                                  ARTICLE XIII
                               GENERAL PROVISIONS

      13.1 ARBITRATION.

            (a) Each Partner agrees that, in the event of any dispute between
the Partners or their representatives on the Management Committee regarding a
Reserved Matter (the "Dispute"), it will, in order to resolve such Dispute,
negotiate reasonably and in good faith with the other Partners for a period of
not more than ten (10) Business Days following notice of the Dispute delivered
by either Partner to the other(s).

            (b) If the Dispute has not been resolved by negotiation pursuant to
Section 13.1(a) hereof, each Partner shall have the right to refer the Dispute
to arbitration by giving notice to the other Partner(s). The notice shall
identify the Dispute and a copy thereof shall be provided to the person serving
at such time as President of the Newspaper Association of America ("NAA") or, if
such person is interested in the Dispute or is not independent of each of the
Partners, the most recent past president of the NAA who is not interested in the
Dispute and who is independent of each of the Partners. The NAA President or
past president receiving such notice is hereinafter referred to as the
"Facilitator". Within fifteen (15) days of the receipt of the notice, the
Facilitator shall appoint either himself or herself, or such other person
qualified as stipulated herein, to serve as arbitrator of the Dispute (the
"Arbitrator"). The arbitration shall be conducted in accordance with the Rules
of the American Arbitration Association or such other rules as the Arbitrator in
his or her sole discretion shall select (in either case, the "Rules"). The
procedural laws of the Federal Arbitration Act shall apply to the Arbitration,
to the extent not inconsistent with the Rules. The Arbitrator appointed
hereunder shall not be interested in the Dispute, shall be independent of each
of the Partners, and shall be a professional with at least ten (10) years

<PAGE>

experience in the newspaper publishing industry at an executive level or
otherwise a person of recognized competence or expertise in the field of
newspaper publishing. The venue of the arbitration shall be in Denver, Colorado.
In arriving at a decision, the Arbitrator shall consider the pertinent facts and
circumstances. Parties shall have the right to present documentary evidence and
witnesses and to cross-examine witnesses. The Arbitrator shall issue his or her
findings and conclusions in writing. The decision of the Arbitrator shall be
final and binding upon the parties, and no party shall seek recourse to a law
court or other authorities to appeal for revisions of such decision. Each party
shall be responsible for payment of its own expenses and the parties shall
equally share the fees and expenses of the Arbitrator. On request of any party,
a transcript of the hearing shall be prepared and made available to the parties.
Judgment on the decision of the Arbitrator may be entered in any court having
jurisdiction thereof.

            (c) Nothing in this Agreement shall preclude a Partner from seeking
equitable or other relief from a court of competent jurisdiction when such
relief is unavailable pursuant to the Rules.

            (d) The parties hereto agree that given the nature of the Reserved
Matters any arbitration relating to a Dispute shall be conducted and concluded
as expeditiously as possible, and the parties shall use their best efforts to
that end.

      13.2 NOTICES. Unless otherwise specifically provided in this Agreement,
all notices and other communications required or permitted to be given hereunder
shall be in writing, directed or addressed to the respective addresses set forth
in Schedule 13.2 attached hereto, and shall be either (i) delivered by hand,
(ii) delivered by a nationally recognized commercial overnight delivery service,
(iii) mailed postage prepaid by registered or certified mail, or (iv)
transmitted by facsimile, with receipt confirmed. Such notices shall be
effective: (a) in the case of hand deliveries, when received; (b) in the case of

<PAGE>

an overnight delivery service, when received in accordance with the records of
such delivery service; (c) in the case of registered or certified mail, upon the
date received by the addressee as determined by the U.S. Postal Service; and (d)
in the case of facsimile notices, when electronic indication of receipt is
received. Any party may change its address and telecopy number by written notice
to the other parties given in accordance with this Section 13.2.

      13.3 CONFIDENTIALITY. Each of the Partners agrees that, except as required
by law, legal process, government regulators, or as reasonably necessary for
performance of its obligations or enforcement of its rights under this
Agreement, without the prior written consent of the other Partners, it will
treat and hold as confidential (and not disclose or provide access to any person
other than such Partner's attorneys or accountants) and it will cause its
Affiliates, officers, managers, partners, employees and agents to treat and hold
as confidential (and not divulge, provide access to any person, or use to the
detriment of any Partner or the Partnership) all confidential information
disclosed by the Partnership and relating to (i) the business of the Partnership
and (ii) any patents, inventions, designs, know-how, trade secrets or other
intellectual property relating to the Partnership, in each case excluding (A)
information in the public domain when received by such Partner or thereafter in
the public domain through sources other than such Partner, (B) information
lawfully received by such Partner from a third party not subject to a
confidentiality obligation and (C) information developed independently by such
Partner. The obligations of the Partners hereunder shall not apply to the extent
that the disclosure of information otherwise determined to be confidential is
required by applicable law, provided, however, that prior to disclosing such
confidential information to any party other than a governmental agency
exercising its ordinary regulatory oversight of a Partner, a Partner shall

<PAGE>

notify the Partnership thereof, which notice shall include the basis upon which
such Partner believes the information is required to be disclosed. This Section
13.3 shall survive for a period of four years with respect to any Partner that
withdraws from the Partnership and, for any period of time agreed to by the
Partners, with respect to any dissolution or termination of the Partnership
pursuant to Article XI hereof.

      13.4 PUBLIC ANNOUNCEMENTS. Except as required by law, no party hereto will
make any public announcement concerning this Agreement and the transactions
contemplated hereby prior to the first mutually agreed upon announcement thereof
without the consent of the other party and then only upon the maximum advance
notice to the other party which is practicable under the circumstances.

      13.5 ENTIRE AGREEMENT, AMENDMENTS, ETC. This Agreement, The Denver
Newspaper Agency Joint Operating Agreement, and The Denver Newspaper Agency
Contribution and Sale Agreement constitute the entire agreement among all of the
parties hereto relating to the subject matter hereof and supersede all prior
contracts, agreements and understandings among all of them. No course of prior
dealings among all of the parties shall be relevant to supplement or explain any
term used in this Agreement. Acceptance and acquiescence in a course of
performance rendered under this Agreement shall not be relevant to determine the
meaning of this Agreement even though the accepting or the acquiescing party has
knowledge of the nature of the performance and an opportunity for objection. All
waivers, amendments and modifications of this Agreement must be confirmed in
writing and must be approved by the Partners in the manner specified in Article
XI of this Agreement. No waiver of any terms or conditions of this Agreement in
any instance shall operate as a waiver of any other term or condition or as a
waiver in any other instance.

<PAGE>

      13.6 CONSTRUCTION PRINCIPLES. As used in this Agreement words in any
gender shall be deemed to include all other genders. The singular shall be
deemed to include the plural and vice versa. The captions and Article and
Section headings in this Agreement are inserted for convenience of reference
only and are not intended to have significance for the interpretation of or
construction of the provisions of this Agreement.

      13.7 COUNTERPARTS. This Agreement may be executed in two or more
counterparts by the parties hereto, each of which when so executed will be an
original, but all of which together will constitute one and the same instrument.

      13.8 SEVERABILITY. If any provision of this Agreement is held to be
invalid or unenforceable for any reason, such provision shall be ineffective to
the extent of such invalidity or unenforceability; provided, however, that the
remaining provisions will continue in full force without being impaired or
invalidated in any way. The parties hereto agree to replace any invalid or
unenforceable provision with a valid provision which closely approximates the
intent and economic effect of the invalid or unenforceable provision.

      13.9 EXPENSES. Each Partner shall bear its own costs (including taxes) for
all matters involved in the negotiation, execution and performance of this
Agreement and related transactions unless otherwise specified herein, the Denver
Newspaper Agency Contribution Agreement and/or the Denver Newspaper Agency Joint
Operating Agreement.

      13.10 GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware as applied to transactions
taking place wholly within Delaware between Delaware residents.

<PAGE>

      13.11 BINDING EFFECT. Subject to the provisions of this Agreement relating
to transferability, this Agreement shall be binding upon, and inure to the
benefit of, the Partners and their respective permitted distributees, successors
and assigns.

      13.12 ADDITIONAL DOCUMENTS AND ACTS. Each Partner agrees to execute and
deliver such additional documents and instruments and to perform such additional
acts as may be necessary or appropriate to effectuate, carry out and perform all
of the terms, provisions, and conditions of this Agreement and of the
transactions contemplated hereby.

      13.13 NO THIRD PARTY BENEFICIARY. This Agreement is made solely for the
benefit of the parties hereto and their permitted distributees, heirs,
successors and assigns and no other person shall have any rights, interest, or
claims hereunder or otherwise be entitled to any benefits under or on account of
this Agreement as a third party beneficiary or otherwise.

      13.14 LIMITED LIABILITY PARTNERSHIP. To the extent permitted by law, the
Partnership will be treated as a partnership for federal, state and local income
tax purposes.

<PAGE>

      IN WITNESS WHEREOF, each Partner has duly executed and become a party to
this Agreement as of this 22nd day of January, 2001.

                                       THE DENVER POST CORPORATION

                                       By:  /S/ JOSEPH J. LODOVIC, IV
                                            ------------------------------------
                                            Joseph J. Lodovic, IV
                                            Executive Vice President and
                                             Chief Financial Officer

                                       EASTERN COLORADO PRODUCTION
                                        FACILITIES, INC.

                                       By:  /S/ JOSEPH J. LODOVIC, IV
                                            ------------------------------------
                                            Joseph J. Lodovic, IV
                                            Executive Vice President and
                                             Chief Financial Officer

                                       THE DENVER PUBLISHING COMPANY

                                       By:  /S/ KENNETH W. MACNAMEE
                                            ------------------------------------
                                            Name:  Kenneth W. MacNamee
                                            Title: Vice President-FinanceAmended and Restated Partnership Agreement

                                      For

                    Texas-New Mexico Newspapers Partnership

                         A Delaware General Partnership

                                  By and Among

                               Gannett Texas L.P.

                                       And

                        New Mexico - Texas MediaNews LLC

                                 MARCH 21, 2003

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I       DEFINITIONS....................................................4

ARTICLE II      THE PARTNERSHIP................................................9
        2.1     Formation......................................................9
        2.2     Name...........................................................9
        2.3     Business Purpose...............................................9
        2.4     Registered Office and Agent....................................9
        2.5     Term...........................................................9
        2.6     Principal Place of Business...................................10
        2.7     The Partners..................................................10
        2.8     Fiscal Year...................................................10
        2.9     Representations and Warranties of the Parties.................10

ARTICLE III     CAPITAL STRUCTURE AND CONTRIBUTIONS...........................11
        3.1     Capital Contributions.........................................11
        3.2     No Other Mandatory Capital Contributions......................13
        3.3     No Right of Withdrawal........................................13
        3.4     Loans by Third Parties........................................13

ARTICLE IV      CAPITAL ACCOUNTS; ALLOCATION OF PROFITS AND LOSSES............13
        4.1     Capital Accounts..............................................13
        4.2     Book Allocation...............................................14
        4.3     Tax Allocations...............................................15

ARTICLE V       DISTRIBUTIONS.................................................16
        5.1     Distributions.................................................16

ARTICLE VI      ACCOUNTING AND REPORTS........................................16
        6.1     Books and Records.............................................17
        6.2     Reports to Partners...........................................17
        6.3     Annual Tax Returns............................................18
        6.4     Actions in Event of Audit.....................................19
        6.5     Tax Elections.................................................19

ARTICLE VII     ACTIONS BY PARTNERS...........................................19
        7.1     Meetings......................................................19
        7.2     Actions by the Partners.......................................19

ARTICLE VIII    MANAGEMENT....................................................20
        8.1     The Management Committee......................................20
        8.2     Removal of Members; Vacancies.................................20
        8.3     Meetings of the Management Committee; Notice..................21
        8.4     Quorum........................................................21
        8.5     Voting........................................................21

<PAGE>

        8.6     Certain Matters Requiring a Unanimous Vote of the
                Management Committee..........................................21
        8.7     Action by Consent.............................................23
        8.8     Executive Officers............................................23
        8.9     Provision of Services to Partnership by GANSAT................24

ARTICLE IX      TRANSFER OF PARTNERSHIP INTERESTS;
                ADDITIONAL AND SUBSTITUTE PARTNERS; PUT
                OPTION........................................................24
        9.1     Prohibited Transfers..........................................24
        9.2     Permitted Transfers by Partners...............................25
        9.3     Substitute Partner............................................25
        9.4     Involuntary Withdrawal by a Partner...........................26
        9.5     Right of First Refusal for Sale of Partnership Interests......26
        9.6     Tag-Along Rights Regarding Sales of Partnership
                Interests.....................................................28
        9.7     Gannett Drag-Along Rights.....................................29
        9.8     Admission of Additional Partners..............................30
        9.9     Acknowledgment of Pledge of Interests.........................30
        9.10    Rights of First Refusal with Respect to Certain Assets
                Offered to the Partners.......................................30

ARTICLE X       DISSOLUTION AND LIQUIDATION...................................31
        10.1    Dissolution...................................................31
        10.2    Election to Continue the Business.............................32
        10.3    Closing of Affairs............................................32

ARTICLE XI      AMENDMENT TO AGREEMENT........................................33

ARTICLE XII     INDEMNIFICATION...............................................33
        12.1    General.......................................................33
        12.2    Indemnification Obligations...................................34
        12.3    Exclusive Remedy..............................................34
        12.4    Third Party Claims............................................35
        12.5    Other Indemnification Claims..................................36

ARTICLE XIII    GENERAL PROVISIONS............................................36
        13.1    Mediation.....................................................36
        13.2    Notices.......................................................37
        13.3    Confidentiality...............................................37
        13.4    Entire Agreement, Etc.........................................38
        13.5    Construction Principles.......................................38
        13.6    Counterparts..................................................38
        13.7    Severability..................................................38
        13.8    Expenses......................................................39
        13.9    Governing Law and Venue.......................................39
        13.10   Binding Effect................................................39

<PAGE>

        13.11   Additional Documents and Acts.................................39
        13.12   No Third Party Beneficiary....................................40
        13.13   Waiver of Jury Trial..........................................40

<PAGE>

                   AMENDED AND RESTATED PARTNERSHIP AGREEMENT

                                       FOR

                     TEXAS-NEW MEXICO NEWSPAPERS PARTNERSHIP

                         A DELAWARE GENERAL PARTNERSHIP

     THIS  AMENDED  AND  RESTATED  PARTNERSHIP  AGREEMENT  of  Texas-New  Mexico
Newspapers  Partnership,  a Delaware general  partnership (the "Partnership") is
effective as of the 21st day of March,  2003 by and among  Gannett Texas L.P., a
Delaware  limited  partnership  ("Gannett") and New  Mexico-Texas  MediaNews LLC
("MediaNews"), a Delaware limited liability company and each other individual or
business  entity who may  hereafter  be admitted  from time to time as a Partner
hereunder. Gannett and MediaNews and any other individual and/or business entity
subsequently  admitted  shall be  known as and  referred  to as  "Partners"  and
individually as a "Partner".

                                    RECITALS

     WHEREAS, the Partnership was formed as a general partnership under the laws
of the State of Delaware on March 17, 2003; and

     WHEREAS,  this  Amended  and  Restated  Partnership  Agreement  amends  and
restates a  Partnership  Agreement  entered into by and among Gannett Texas L.P.
and New Mexico-Texas MediaNews LLC dated as of March 17, 2003;

     NOW,  THEREFORE,  in  consideration  of the  mutual  covenants  hereinafter
expressed, the Partners agree as follows:

                                   ARTICLE I
                                  DEFINITIONS

     "ADDITIONAL   CAPITAL   CONTRIBUTIONS"   means   any   additional   Capital
Contributions made pursuant to Section 3.1(b) of this Agreement.

     "ADDITIONAL  CONTRIBUTION  TERMS" shall have the meaning  ascribed to it in
Section 3.1(b) of this Agreement.

<PAGE>

     "ADDITIONAL   PARTNER"  means  any  additional   person   admitted  to  the
Partnership,  pursuant to Section 9.8 of this Agreement,  but does not include a
Substitute Partner.

     "AFFILIATE"  means any person controlled by,  controlling,  or under common
control with the entity in question.

     "BOOK  VALUE"  means,  with  respect to any asset of the  Partnership,  the
adjusted  basis of such asset as of the  relevant  date for  federal  income tax
purposes, except as follows:

          (i)  the initial Book Value of any asset  contributed  by a Partner to
the Partnership shall be the fair market value of such asset;

          (ii) the Book Values of all Partnership  assets (including  intangible
assets such as goodwill) shall be adjusted to equal their respective fair market
values as of the following times:

               (A)  the acquisition of an additional Interest in the Partnership
by any new or existing  Partner in exchange  for more than a DE MINIMIS  Capital
Contribution;

               (B)  the  distribution  by the  Partnership  to a Partner of more
than a DE MINIMIS amount of money or Partnership  property as consideration  for
an Interest in the Partnership; and

               (C)  the  liquidation  of the  Partnership  within the meaning of
Regulation section 1.704-1(b)(2) (iv)(f)(5)(ii);

          (iii) the Book Value of the Partnership  assets shall be increased (or
decreased)  to reflect  any  adjustments  to the  adjusted  basis of such assets
pursuant to Code section 734(b) or Code section  743(b),  but only to the extent
that such  adjustments  are taken into account in determining  Capital  Accounts
pursuant to Regulation section 1.704-1(b)(2)(iv)(m); and

          (iv) if the Book  Value of an asset has been  determined  or  adjusted
pursuant  to  subsection  (i),  (ii) or  (iii)  above,  such  Book  Value  shall
thereafter  be adjusted by the  Depreciation  taken into account with respect to
such  asset for  purposes  of  computing  Profits  and  Losses  and other  items
allocated pursuant to Section 4.2.

     The  foregoing  definition  of Book Value is  intended  to comply  with the
provisions of Regulation section  1.704-1(b)(2)(iv) and shall be interpreted and
applied consistently therewith.

<PAGE>

     "BUSINESS DAY" means any day (other than a day which is a Saturday,  Sunday
or legal holiday in the State of Texas).

     "BUSINESS PLAN" is defined in Section 8.1.

     "CAPITAL ACCOUNT" means, for each Partner,  the capital account  maintained
by the Partnership for such Partner as described in Section 4.1.

     "CAPITAL  CONTRIBUTION"  means the  amount of money and the other  property
(net of any liabilities  that the  Partnership is considered to assume,  or take
subject to, pursuant to Code Section 752, except to the extent such  liabilities
are in fact  discharged by the Partners  contributing  such  property)  which is
contributed  by a Partner to the  Partnership  pursuant  to Article  III hereof,
including Additional Capital Contributions.

     "CAPITAL EXPENDITURE" means all expenditures of a capital nature, including
those in relation to the construction of enlargements or additions to any of the
assets or facilities  owned by the Partnership or for any other  acquisitions or
improvements  thereto  of  a  capital  nature,  including,  without  limitation,
expenditures  for  materials,   labor,   equipment  permits,   consulting  fees,
accounting  and legal fees,  insurance  costs,  contractors'  fees, and land and
easement costs.

     "CHAIRMAN" is defined in Section 8.1(a).

     "CHIEF EXECUTIVE OFFICER" is defined in Section 8.8(a).

     "CHIEF FINANCIAL OFFICER" is defined in Section 8.8(b).

     "CODE" means the Internal Revenue Code of 1986, as amended.

     "CONTRIBUTION  AGREEMENT" means that  contribution  agreement  described in
Section 3.1 of the Agreement.

     "DEPRECIATION" means, for each Fiscal Year or part thereof, an amount equal
to the depreciation,  amortization,  or other cost recovery deduction  allowable
for federal income tax purposes with respect to an asset for such Fiscal Year or
part  thereof,  except  that if the  Book  Value of an  asset  differs  from its
adjusted basis for federal income tax purposes,  the depreciation,  amortization

<PAGE>

or other cost  recovery  deduction for such Fiscal Year or part thereof shall be
an amount  which bears the same ratio to such Book Value as the  federal  income
tax depreciation,  amortization or other cost recovery deduction for such Fiscal
Year or part thereof bears to such adjusted tax basis.  If such asset has a zero
adjusted  tax basis,  the  depreciation,  amortization  or other  cost  recovery
deduction  for each Fiscal Year shall be  determined  under a method  reasonably
selected by the Tax Matters Partner.

     "EXECUTIVE  OFFICERS" means the following officers of the Partnership:  its
president,  Chief  Executive  Officer,  Chief  Financial  Officer  and any other
individual who would be an "executive  officer" of the Partnership as determined
in accordance with Rule 3b-7  promulgated  under the Securities  Exchange Act of
1934.

     "FAIR  MARKET  VALUE  OF  THE  OFFERED  INTEREST"  is  defined  in  Section
9.5(f)(ii).

     "FISCAL  YEAR"  means the  fiscal  year of the  Partnership  as  defined in
Section 2.9 hereof.

     "FORMATION DATE" is defined in Section 2.5 of this Agreement.

     "GAAP" means generally accepted  accounting  principles,  as in effect from
time to time.

     "GANNETT" means Gannett Texas L.P.

     "INDEBTEDNESS"  means  those  obligations  for  borrowed  money  which were
assumed by the  Partnership  as a  consequence  of, or to which  property of the
Partnership  was subject  immediately  following the Partner's  initial  Capital
Contributions  (within the meaning of Section 3.1(a) hereof), with the exception
of any of the  foregoing  such  obligations  which are  included  in the Working
Capital Statements (as defined in the Contribution Agreement).

     "INTEREST"  means,  with respect to any Partner at any time, such Partner's
entire beneficial ownership interest in the Partnership and its property at such
time,  including such  Partner's  Capital  Account,  voting rights (if any), and
right to share in Profits and Losses, all items of income, gain, loss, deduction
and credit, distributions and all other benefits of the Partnership as specified
in this Agreement,  together with such Partner's  obligations to comply with all
of the terms of this Agreement.

     "INVOLUNTARY  TRANSFER" shall have the meaning  ascribed thereto in Section
9.4.

     "MAJORITY"   means  the  Partners  having  a  majority  of  the  Percentage
Interests.

<PAGE>

     "MEDIANEWS" means New Mexico-Texas MediaNews LLC.

     "PERCENTAGE  INTEREST" means, for each Partner,  such Partner's  percentage
interest as set forth in Section 3.1 hereof as such may be adjusted from time to
time in accordance with this Agreement.

     "PROFITS" and "LOSSES"  means,  for each Fiscal Year or part  thereof,  the
taxable  income or loss of the  Partnership  for such Fiscal Year  determined in
accordance  with Code  section  703(a) (for this  purpose,  all items of income,
gain,  loss or  deduction  required  to be stated  separately  pursuant  to Code
section  703(a)(1)  shall be  included  in  taxable  income or  loss),  with the
following adjustments:

          (i)  any income of the Partnership  that is exempt from federal income
tax shall be added to such taxable income or loss;

          (ii) any  expenditures  of the  Partnership  described in Code section
705(a)(2)(B)  or    treated   as   such   pursuant   to    Regulation    section
1.704-1(b)(2)(iv)(I) shall be subtracted from such taxable income or loss;

          (iii) any  Depreciation  for such Fiscal Year or part thereof shall be
taken into  account  in lieu of the  depreciation,  amortization  and other cost
recovery deductions taken into account in computing such taxable income or loss;

          (iv) gain  or loss  resulting  from  any  disposition  of  Partnership
property with respect to which gain or loss is recognized for federal income tax
purposes  shall be computed  with  reference  to the Book Value of the  property
disposed of, rather than the adjusted tax basis of such property;

          (v)  in the event the Book Value of any Partnership  asset is adjusted
pursuant to section (ii) or (iii) of the  definition of Book Value  hereof,  the
amount of such  adjustment  shall be taken into account as gain or loss from the
disposition of such assets for purposes of computing Profits and Losses; and

          (vi) such  taxable  income or loss shall be deemed not to include  any
income,  gain,  loss,  deduction  or other item  thereof  allocated  pursuant to
Section 4.3.

     "REGULATIONS"  means the income tax regulations  promulgated under the Code
by the Department of the Treasury,  as such regulations may be amended from time
to time.

     "SUBSTITUTE  PARTNER"  means a person who has become a  substitute  Partner
pursuant to Section 9.3 hereof, but does not include an Additional Partner.

     "TRANSFER"  means  any  sale,  assignment,   gift,  alienation,   or  other
disposition,  whether  voluntary  or by  operation of law (other than a transfer
which may arise by reason of death or incapacity), of an interest or any portion

<PAGE>

thereof,  but shall not  include  any  pledge,  hypothecation  or  granting of a
security interest in such Interest.

     "TRANSFEREE" means a purchaser, transferee, assignee (other than collateral
assignees) or any other person who takes,  in accordance  with the terms of this
Agreement, an Interest in the Partnership.

                                   ARTICLE II
                                THE PARTNERSHIP

     2.1  FORMATION.  The parties hereto have formed a partnership in accordance
with the further terms and provisions hereof. Each of the Partners shall execute
or cause to be executed from time to time all other  instruments,  certificates,
notices  and  documents,  and  shall do or  cause  to be done  all such  filing,
recording,  publishing  and other acts,  in each case,  as may be  necessary  or
appropriate from time to time to comply with all applicable requirements for the
formation and/or operation and, when  appropriate,  termination of a partnership
in the State of Delaware and all other jurisdictions where the Partnership shall
desire to conduct its business.

     2.2  NAME.   The  name  of  the  Partnership  shall  be  "Texas-New  Mexico
Newspapers  Partnership"  and its business shall be carried on in this name with
such variations and changes as the Management  Committee,  in its sole judgment,
deems  necessary  or  appropriate  to  comply  with  the   requirements  of  the
jurisdictions in which the Partnership's operations are conducted.

     2.3  BUSINESS  PURPOSE.  The purpose of the  Partnership is to carry on any
lawful  business  and to  engage  in any  lawful  act or  activity  for  which a
partnership  may be formed  under the laws of the State of  Delaware;  PROVIDED,
HOWEVER,  that the  business of the  Partnership  shall,  without the  unanimous
consent of the  Management  Committee,  be limited to  activities  involving the
ownership,  operation,  and  publication  (in  printed and  electronic  form) of
newspapers and related  publications and business activities directly related or
incidental to such  ownership,  operation  and  publication  including,  without
limitation, commercial printing, alternate distribution services and direct mail
activities.

     2.4  REGISTERED  OFFICE AND AGENT. The registered office of the Partnership
in the State of Delaware and its registered  agent for service of process on the
Partnership  in the State of Delaware  shall be as determined by the  Management
Committee.

     2.5  TERM.  The term of the  Partnership  commenced  on March 17, 2003 (the
"Formation  Date") and shall  continue  until  December 31, 2053 unless  earlier
dissolved and liquidated in accordance with Article XI hereof.

<PAGE>

     2.6  PRINCIPAL  PLACE OF  BUSINESS.  The  Partnership  shall  maintain  its
principal  place of business at 300 N. Campbell  Street,  El Paso, TX 79901,  or
such other  location or locations as the  Management  Committee may from time to
time select.

     2.7  THE  PARTNERS.  The name and place of  residence of each Partner is as
follows:

NAME                                            RESIDENCE

Gannett Texas L.P.                              c/o Gannett Co., Inc.
                                                7950 Jones Branch Drive
                                                McLean, VA 22107

New Mexico - Texas MediaNews  LLC  c/o          MediaNews Group, Inc,
                                                1560 Broadway, Suite 2100
                                                Denver, CO 80202

     2.8  FISCAL YEAR. Unless the Tax Matters Partner shall otherwise  determine
in accordance  with Section 706 of the Code, the fiscal year of the  Partnership
shall end on the last Sunday of each calendar  year, and the initial Fiscal Year
of the Partnership  shall commence on the Formation Date and end on December 28,
2003.

     2.9  REPRESENTATIONS  AND  WARRANTIES  OF THE PARTIES.  Each of the parties
represents and warrants that:

          (a)  It is a limited  partnership  or limited  liability  company duly
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
jurisdiction of its organization;

          (b)  It has all  requisite  power  and  authority  to enter  into this
Agreement;  the execution  and delivery by such party of this  Agreement and the
consummation  by such party of the  transactions  contemplated  hereby have been
duly authorized by all necessary  partnership or corporate action on the part of
such party;  and this Agreement has been duly and validly executed and delivered
by such party and constitutes (assuming the due and valid execution and delivery
of this Agreement by the other parties), the legal, valid and binding obligation
of each party, enforceable against each party in accordance with its terms;

          (d)  The  execution,  delivery and  performance  by such party of this
Agreement will not, as of and after the Closing Date,  result in a breach of any
of the terms, provisions or conditions of any agreement to which such party is a
party which has a reasonable  likelihood of materially  and adversely  affecting

<PAGE>

the  operations,  properties  or business  of the  Partnership  or such  party's
obligations under this Agreement;

          (e)  The  execution  and delivery by such party of this  Agreement and
the  formation  of the  Partnership  does not require any filing by it with,  or
approval or consent of, any  governmental  authority  which has not already been
made.

                                  ARTICLE III
                      CAPITAL STRUCTURE AND CONTRIBUTIONS

     3.1  CAPITAL CONTRIBUTIONS.

          (a)  INITIAL CONTRIBUTIONS. Each of Gannett and MediaNews has made (or
will cause to be made) a Capital Contribution to the Partnership as set forth in
a contribution agreement among Gannett, Las Cruces Publishing Company, Northwest
New Mexico Publishing Company,  Carlsbad  Publishing  Company,  and New Mexico -
Texas  MediaNews  Group  Interactive,  Inc.  and dated as of March 14, 2003 (the
"Contribution Agreement"). As a result of such Capital Contributions,  effective
as of March 17, 2003,  Gannett has (or will have) a  Percentage  Interest in the
Partnership  of 66.2% and MediaNews has (or will have) a Percentage  Interest in
the Partnership of 33.8%. Except as provided in Section 3.1(e) below, Percentage
Interests  shall not be adjusted  on account of the payment of any sums,  or the
contribution  of any  property,  treated as a Capital  Contribution  without the
unanimous consent of the Partners.

          (b)  ADDITIONAL CAPITAL  CONTRIBUTIONS;  INTEREST;  AND OFFSET. At any
time,  and  from  time to time  after  the  Formation  Date  (i) the  Management
Committee,  in its sole and  absolute  discretion,  by unanimous  vote,  or (ii)
either the Chief Executive Officer or the Chief Financial  Officer,  each in his
sole and  absolute  discretion,  may  determine  that the  Partnership  requires
additional capital  contributions (the "Additional  Capital  Contributions") and
the amount, terms and conditions thereof.  Such Additional Capital Contributions
will be used by the  Partnership  for such  activities as are  designated by the
Management  Committee in its approval  resolution,  or as are  determined by the
Chief  Executive  Officer or the Chief  Financial  Officer,  as the case may be,
PROVIDED  THAT  the  Additional   Capital   Contributions  made  pursuant  to  a
determination by the Chief Executive  Officer or the Chief Financial Officer may
only be used by the Partnership to fund Capital  Expenditures in accordance with
the Business Plan which has been approved by the Management  Committee  pursuant
to  Section  8.1.  All  Additional  Capital  Contributions  will  be made by the
Partners  in  proportion  to  their  then-current  Percentage  Interests  in the
Partnership.   In  addition,  with  the  unanimous  consent  of  the  Management
Committee, Additional Capital Contributions may be obtained by the admittance of
Additional  Partners in  accordance  with Section  9.8. In the event  Additional
Partners are admitted,  the Percentage  Interests of the existing and Additional
Partners  shall be adjusted as determined by the  Management  Committee,  voting
unanimously.  From the date of the Management  Committee's,  the Chief Executive
Officer's or the Chief Financial  Officers'  determination,  as the case may be,

<PAGE>

that an Additional  Capital  Contribution  is required until it has been paid, a
Partner's  obligation to make that contribution  shall accrue interest at a rate
of 9% per annum until the obligation to make the Additional Capital Contribution
(and to pay all accrued but unpaid  interest,  if any, with respect thereto) has
been paid in full. All cash  distributions to which such Partner shall otherwise
be  entitled to receive  pursuant to Section  5.1(a)  hereof,  shall  instead be
retained by the  Partnership  and credited to the discharge of the obligation to
make such  Additional  Capital  Contribution  (and to pay all accrued but unpaid
interest,  if any,  with  respect  thereto).  Any amounts so  retained  shall be
treated as distributed to such Partner and, first paid to the Partnership in the
amount of the  accrued  interest  and,  second,  with  respect to the  remainder
thereof, contributed to the Partnership as an Additional Capital Contribution on
behalf of the Partner owing such obligation.

          (c)  CAPITAL CONTRIBUTIONS  REQUIRED UNDER SECTION 12.2; INTEREST; AND
OFFSET.  As provided in Section  12.2 of this  Agreement,  any Partner  owing an
indemnification  obligation to the Partnership arising under Article XII of this
Agreement  shall  make a  capital  contribution  in  cash or  other  immediately
available funds in the amount of such obligation promptly upon the determination
of such  obligation.  Furthermore,  from the date of the  determination  of such
obligation  until the date such  capital  contribution  is made in cash or other
immediately available funds, the amount of such obligation shall accrue interest
owing to the  Partnership  at a rate of 9 per cent per  annum,  and  until  such
obligation  (and all accrued  interest,  if any, with respect  thereto) has been
paid  in  full  in  cash  or  other   immediately   available  funds,  all  cash
distributions to which a Partner shall otherwise be entitled to receive pursuant
to Section  5.1(a)  hereof,  shall  instead be retained by the  Partnership  and
credited to the discharge of the  obligation  to make such capital  contribution
and to pay accrued but unpaid interest. Any amounts so retained shall be treated
as distributed to such Partner and, first paid to the  Partnership in the amount
of the accrued  interest and,  second,  with respect to the  remainder  thereof,
contributed to the Partnership as an additional  capital  contribution on behalf
of the Partner owing such obligation.

          (d)  OTHER  CONTRIBUTIONS.  At  any  time  during  the  term  of  this
Agreement,  any  Partner  may  offer  to  contribute  to the  Partnership  as an
additional  capital  contribution  any  newspapers,  mastheads or related assets
owned by it that are  located in the State of Texas or the State of New  Mexico.
Should the  Management  Committee,  by a  unanimous  vote,  agree to accept such
contribution,  the Capital  Account and, if determined by unanimous  vote of the
Management  Committee,  as  provided  in  Section  8.6  hereof,  the  Percentage
Interest,  of the  contributing  Partner will be adjusted  upward to reflect the
fair  market  value of such  contribution  (determined  in  accordance  with the
procedures set forth in Section  9.5(f)) and, if determined by unanimous vote of
the  Management  Committee,  as provided in Section 8.6 hereof,  the  Percentage
Interest of the other  Partners  will be adjusted  downward  proportionately  to
reflect the increase in the contributing Partner's Percentage Interest.

<PAGE>

          (e)  MEDIANEWS ADDITIONAL INTEREST.

               (i)  Subject to the terms and conditions of this Section  3.1(e),
at any time after June 30,  2005 and prior to the  occurrence  of a  Dissolution
Event,  MediaNews  shall have the option to increase its Percentage  Interest by
purchasing  an  additional  Interest  ("Additional  Interest")  to increase  its
Percentage  Interests to equal up to 40%,  based on the fair market value of the
Partnership  at the  time  of  closing  of such  transaction  as  calculated  in
accordance with the procedures set forth in Section 9.5(f);  provided,  however,
that the period of  negotiation  between  the  Partners  as set forth in Section
9.5(f)(ii)  shall be 90 days. Such option is only  exercisable by MediaNews once
per Fiscal Year by giving written notice to Gannett between July 1 and September
30 of each  year and is  conditional  upon  MediaNews  granting  Gannett  or its
Affiliate the opportunity to acquire an interest in assets owned by MediaNews or
any of its  Affiliates  (including,  for  example,  and without  limitation,  an
increased interest in the California Newspapers Partnership,  a Delaware general
partnership  among  certain  of  Gannett's  Affiliates,  certain  of  MediaNews'
Affiliates  and others) for a fair market value  equivalent  to the value of the
Additional  Interest  (determined in accordance with the procedures set forth in
Section 9.5(f)), on such commercial terms that are mutually acceptable.

     3.2  NO OTHER  MANDATORY  CAPITAL  CONTRIBUTIONS.  Except as  specified  in
Section 3.1(b), Section 3.1(c) or Section 12.2, no Partner shall be obligated to
make any Additional Capital Contribution to the Partnership's capital.

     3.3  NO RIGHT OF  WITHDRAWAL.  No Partner  shall have the right to withdraw
any  portion of such  Partner's  Capital  Contributions  to, or to  receive  any
distributions from, the Partnership,  except as provided in Articles V, IX and X
hereof.

     3.4  LOANS BY THIRD  PARTIES.  Subject to the  provisions  of  Section  8.6
hereof,  the  Partnership  may borrow funds or enter into other similar  credit,
guarantee,  financing  or  refinancing  arrangements  for any  purpose  from any
Partner  or  from  any  person  upon  such  terms  as the  Management  Committee
determines, in its sole and absolute discretion, are appropriate.

                                   ARTICLE IV
                               CAPITAL ACCOUNTS;
                        ALLOCATION OF PROFITS AND LOSSES

     4.1  CAPITAL  ACCOUNTS.  Each  Partner  shall  have a  capital  account  (a
"Capital Account") which account shall be (1) increased by the amount of (a) the
Capital  Contributions  of such Partner,  (b) the allocations to such Partner of
Profits  and  items of income  or gain  pursuant  to  Section  4.2,  and (c) any
positive  adjustment  to such Capital  Account by reason of an adjustment to the
Book Value of  Partnership  assets,  and (2)  decreased by the amount of (x) any

<PAGE>

cash and the Book  Value of any  property  (net of  liabilities  secured by such
property that such Partner is considered to assume or take subject to under Code
section 752) distributed to such Partner,  (y) the allocation to such Partner of
Losses  and  items  of loss  pursuant  to  Section  4.2,  and  (z) any  negative
adjustment to such Capital  Account by reason of an adjustment to the Book Value
of  Partnership  assets.  In the  event of a  revaluation  of the Book  Value of
Partnership assets, the Partners' Capital Accounts shall be adjusted in the same
manner as if gain or loss had been  recognized  on a sale of the assets at their
new Book Value. The provisions of this Agreement  relating to the maintenance of
Capital Accounts are intended to comply with Regulation section 1.704-1(b),  and
shall be interpreted and applied in a manner consistent with such Regulation.

     4.2  BOOK ALLOCATION.

          (a)  IN GENERAL.  This  Section  4.2 sets forth the general  rules for
book  allocations  of  Profits,  Losses and  similar  items to the  Partners  as
reflected in their Capital Accounts.

          (b)  PROFITS AND LOSSES. Profits shall be allocated to the Partners in
proportion  to their  Percentage  Interests.  Losses  shall be  allocated to the
Partners in proportion to their  Percentage  Interests  except that any interest
expense or other  deduction  attributable  to any  Indebtedness  (other than any
depreciation  or  amortization  deductions  attributable  to  property  which is
contributed to the Partnership  subject to such Indebtedness) and any deductions
attributable  to any  indemnity  payments  described  in  Section  12.2 shall be
allocated to the Partner that contributed  property subject to such Indebtedness
or such indemnity payment.

          (c)  SPECIAL RULES.

               (i)  Notwithstanding  the general  allocation  rules set forth in
Section  4.2(b),  in the  case  of any  deduction  allocable  to a  "nonrecourse
liability" (as that term is defined in Regulations  Section  1.704-2(b)(3))  and
any deduction  allocable to a "partner  nonrecourse  liability" (as that term is
defined in Regulations Section  1.704-2(b)(4)),  and any minimum gain or partner
minimum  gain  chargeback  with respect  thereto,  shall be subject to the rules
applicable thereto and described in Regulations Section 1.704-2.

               (ii) If in  the  opinion  of  independent  tax  counsel  for  the
Partnership,  it is necessary to provide  special  allocation  rules in order to
avoid a significant  risk that a material portion of any allocation set forth in
this  Article IV would not be respected  for federal  income tax  purposes,  the
Partners  shall  negotiate in good faith any amendments to this Agreement as, in
the opinion of such counsel, are necessary or desirable, taking into account the
interests of the Partners as a whole and all other relevant factors, to avoid or
reduce  significantly  such  risk  to the  extent  possible  without  materially
changing the amounts allocable and distributable to any Partner pursuant to this
Agreement.

<PAGE>

               (iii) If  there  is a  change  made,  by  unanimous  vote  of the
Management Committee in accordance with the provisions of Section 8.6 hereof, in
any  Partner's  share of the Profits,  Losses or other items of the  Partnership
during  any  Fiscal  Year,  allocations  among  the  Partners  shall  be made in
accordance with their interests in the Partnership from time to time during such
Fiscal Year in accordance with Code section 706, using the  closing-of-the-books
method,  except that  Depreciation  with respect to assets not  contributed by a
Partner  shall be deemed to accrue  ratably  on a daily  basis  over the  entire
Fiscal Year during which the corresponding asset is owned by the Partnership.

               (iv) Except  as  otherwise   provided  in  Sections   4.2(b)  and
4.3(b)(i), each item of income, gain, loss, and deduction and all items governed
by Code section  702(a) shall be allocated  among the Partners in  proportion to
the  allocation  of Profits,  Losses and other items to the Partners  hereunder,
provided  that to the  extent  any gain  recognized  from any  disposition  of a
Partnership  asset is treated as ordinary  income because it is  attributable to
the recapture of any depreciation or amortization, such ordinary income shall be
allocated  among the  Partners  in the same  ratio as the prior  allocations  of
Profits,  Losses or other items that included such depreciation or amortization;
in no event,  however,  shall any Partner be allocated ordinary income hereunder
in excess of the gain otherwise allocable to each Partner.

     4.3  TAX ALLOCATIONS.

          (a)  IN GENERAL.  Except as set forth in Section  4.3(b),  allocations
for tax purposes of items of Profit, Loss and other items of income, gain, loss,
deduction, credit and distribution therefor, shall be made in the same manner as
allocations  for book  purposes set forth in Section  4.2. All such  allocations
pursuant to Section  4.3(b)  shall be  considered  made  solely for  purposes of
federal,  state and local  income  taxes,  and shall not affect or in any way be
taken into  account  in  computing  any  Partner's  Capital  Account or share of
Profits, Losses, other items or gain, deduction and distribution pursuant to any
provision of this Agreement.

          (b)  SPECIAL RULES.

               (i)  ELIMINATION  OF  BOOK/TAX  DISPARITIES.   In  determining  a
Partner's allocable share of Partnership taxable income, the Partner's allocable
share of each item of Profits and Losses  shall be properly  adjusted to reflect
the difference  between such  Partner's  share of the adjusted tax basis and the
Book Value of Partnership  assets used in determining such item under any method
adopted by the Tax Matters  Partner and  allowable  under Code  Section  704(c),
provided,   however,  that  any  deductions  for  depreciation  or  amortization
attributable  to property  contributed to the  Partnership by a Partner shall be
allocated  to the  Partner  contributing  such  property.  In the event that the
method  for  the  allocation  of   depreciation   or   amortization   deductions
attributable  to  contributed  property  described in the  previous  sentence is
disallowed,   then  the  Tax  Matters  Partner  shall  make  such   compensating
allocations of items including  (notwithstanding  the second sentence of Section

<PAGE>

4.3(a)) such book  allocations  as are intended to accomplish  the same economic
result.

               (ii) TAX CREDITS.  Any tax credits  shall be allocated  among the
Partners in accordance with  Regulation  section  1.704-1(b)(4)(ii),  unless the
applicable Code provision shall otherwise require.

          (c)  CONFORMITY OF REPORTING. The Partners are aware of the income tax
consequences  of the  allocations  made or to be made pursuant to this Article 4
and Section 6.5 and hereby agree to be bound by the provisions of this Article 4
and Section 6.5 in reporting their shares of Partnership profits, gains, income,
losses, deductions, credits and other items for income tax purposes.

                                    ARTICLE V
                                  DISTRIBUTIONS

     5.1  DISTRIBUTIONS.

          (a)  The  Management  Committee  (or,  at the  Management  Committee's
direction, the Executive Officers of the Partnership), on or before the last day
of each accounting period shall, in its or their sole discretion,  determine the
amount of earnings (before  depreciation and  amortization) or other Partnership
funds  available for  distribution  to Partners  (whether as a  distribution  of
earnings or as loans or advances) and shall cause that amount to be  distributed
to the Partners  (subject to the provisions of Sections 3.1(b) and 3.1(c) hereof
relating to the  Partnership's  retention of sums otherwise  distributable  to a
Partner to discharge the obligation to make certain  capital  contributions  and
pay certain accrued but unpaid interest).  Except as otherwise  provided herein,
all  distributions  shall  be made in  proportion  to the  Partners'  Percentage
Interests.  For the purposes of this Section 5.1(a), any payment of principal or
interest by the  Partnership  with respect to  Indebtedness  shall be treated as
distributed by the  Partnership to the Partner that  transferred the property to
the Partnership to which such Indebtedness  relates,  and then as contributed to
the Partnership by such Partner as an Additional Capital Contribution.

          (b)  If a  distribution  of cash is deemed  made  pursuant  to Section
3.1(b),  Section  3.1(c)  or the  last  sentence  of  Section  5.1(a)  and,  the
distribution is not in proportion to the Partner's Percentage Interest, then the
Management   Committee  shall  adjust  subsequent   distributions  so  that  the
cumulative distributions deemed made pursuant to Section 3.1(b), Section 3.1(c),
the last  sentence  of  Section  5.1(a)  and this  Section  5.1(b)  are,  in the
aggregate, in proportion to the Partners' Percentage Interests.

<PAGE>

                                   ARTICLE VI
                             ACCOUNTING AND REPORTS

     6.1  BOOKS AND RECORDS.

          (a)  The  Partnership  shall  maintain or cause to be maintained at an
office of the Partnership this Agreement and all amendments thereto and full and
accurate books of the Partnership showing all receipts and expenditures,  assets
and  liabilities,   Profits  and  Losses,  and  all  other  books,  records  and
information  required by the Act as necessary for  recording  the  Partnership's
business and affairs. The Partnership's books and records shall be maintained in
accordance  with GAAP  except to the extent  otherwise  provided  hereunder  for
purposes of maintaining  Capital  Accounts in accordance  with Article IV hereof
and  calculating  the  Profits  or Losses  charged  or  credited  thereto.  Such
documents,  books  and  records  shall  be  maintained  at such  office  or such
designated  successor office until the expiration of any applicable  statutes of
limitations  for  bringing  a claim in  relation  to such  documents,  books and
records.

          (b)  Each  Partner  shall have the right at  reasonable  times  during
usual business hours to inspect the  facilities of the  Partnership,  to observe
the Partnership's  operations and to examine, audit and make copies of the books
of account and other books and  records of the  Partnership  and other books and
records  relating  to the  reserves,  assets,  liabilities  and  expenses of the
Partnership  and  expenditures  by the  Management  Committee  on  behalf of the
Partnership;  PROVIDED,  HOWEVER, that none of the foregoing activities shall be
conducted  in a manner  that  unreasonably  interferes  with  the  Partnership's
operations or business or the Management  Committee'  management  thereof.  Such
right may be exercised through any agent or employee of a Partner  designated in
writing by it or by an  independent  public  accountant,  engineer,  attorney or
other  consultant so  designated.  The Partner making the request shall bear all
expenses incurred in any inspection, audit or examination made at such Partner's
behest.  Should any  inspection,  audit or  examination  disclose  any errors or
improper  charges,  the  Management  Committee  shall make, or cause to be made,
appropriate adjustments therefor.

     6.2  REPORTS TO PARTNERS.

          (a)  As soon as  practicable  and in any event within thirty (30) days
after the end of each accounting  period, the Tax Matters Partner shall cause to
be prepared and sent to each Partner unaudited  statements of income,  cash flow
and changes in retained earnings and Partners' equity, for the accounting period
in  question  and  from the  beginning  of such  Fiscal  Year to the end of such
accounting  period  and an  unaudited  balance  sheet  as of the  close  of such
accounting  period,  all of which shall (i) be prepared in accordance  with GAAP
(except that certain  footnotes  may be omitted) and (ii) set forth in each case
in comparative form the figures for the same accounting  period for the previous
Fiscal Year.

          (b)  As  requested,  the Tax  Matters  Partner  shall  provide to each
Partner such  information as may be necessary for them to comply with applicable
financial reporting  requirements of any competent  governmental  authorities or

<PAGE>

agencies  or stock  exchange  on which the  securities  of any such  Partner are
listed  including,   without  limitation,   the  U.S.  Securities  and  Exchange
Commission  and such  information  regarding the financial  position,  business,
properties or affairs of the Partnership as a Partner may reasonably request.

          (c)  At the  end of  each  accounting  period  and at the  end of each
Fiscal Year,  the Tax Matters  Partner shall prepare or cause to be prepared and
sent to each Partner  reports of  advertising  lineage,  preprint  distribution,
circulation,  cost and other  statistical data in relation to the  Partnership's
business during the relevant period.

     6.3  ANNUAL TAX RETURNS.

          (a)  Gannett is hereby designated the "Tax Matters Partner" for income
tax  purposes  pursuant  to  Section  6231 of the  Code  (or  any  corresponding
provision  of state or local  law)  with  respect  to all  taxable  years of the
Partnership and is authorized to do whatever is necessary to qualify as such. If
Gannett is no longer a Partner or has resigned as the Tax Matters  Partner,  the
Tax Matters Partner shall be any Partner  designated as such by a unanimous vote
of the Partners,  and in the absence of a unanimous vote, as shall be determined
under  applicable  provisions  of the Code and/or  Regulations.  The Tax Matters
Partner  shall,  as soon as  practicable  under the  circumstances,  inform each
Partner of all tax-related matters that are, or have the reasonable potential to
become,  material to the Partnership  that come to its attention in its capacity
as Tax Matters Partner.

          (b)  The Tax Matters Partner shall prepare or cause to be prepared all
tax returns required of the Partnership. As soon as practicable after the end of
each Fiscal Year,  the Tax Matters  Partner  shall  furnish to each Partner such
information  in the  possession  of the Tax Matters  Partner  requested  by such
Partner as necessary to timely fulfill such Partner's federal,  state, local and
foreign tax  obligations,  including  Form K-1,  or any  similar  form as may be
required  by the Code or the  Internal  Revenue  Service  (the "IRS") or, to the
extent any such information is not in the Tax Matters Partner's possession,  the
Tax Matters  Partner  shall take all  reasonable  steps  necessary  to have such
information  provided to the requesting  Partner.  No later than forty-five (45)
business  days  prior to filing  with the IRS,  the Tax  Matters  Partner  shall
deliver to each Partner for its review a complete copy of the federal income tax
return  proposed to be filed by the  Partnership.  The Tax Matters Partner shall
consider in good faith,  consistent with Section 6.3(c) hereof,  any comments of
the Partners  with respect to such return made within  thirty (30) business days
of sending the copy of such return.  The Partners shall file their individual or
corporate   returns  in  a  manner  consistent  with  the  Partnership  tax  and
information returns.

          (c)  The Tax Matters Partner shall, consistent with the Business Plan,
use its best  efforts to do all acts and take  whatever  steps are  required  to
maximize, in the aggregate,  the federal,  state and local income tax advantages
available to the Partnership and shall defend all tax audits and litigation with
respect thereto.  The Tax Matters Partner shall maintain the books,  records and

<PAGE>

tax returns of the Partnership in a manner  consistent with the acts,  elections
and steps taken by the Partnership.

     6.4  ACTIONS IN EVENT OF AUDIT. If an audit of any of the Partnership's tax
returns  shall occur,  each Partner  shall,  at the expense of the  Partnership,
participate in the audit. No Partner may contest, settle or otherwise compromise
assertions of the auditing agent which may be adverse to the  Partnership or any
Partner without the approval of a unanimous Management Committee. The Management
Committee  may, if it  determines  that the  retention of  accountants  or other
professionals  would be in the best  interests of the  Partnership,  retain such
accountants  or  other  professionals,   to  assist  in  any  such  audits.  The
Partnership  shall  indemnify  and reimburse  the  Management  Committee for all
expenses, including legal and accounting fees, claims, liabilities,  losses, and
damages to the extent borne by the Management Committee,  incurred in connection
with any administrative or judicial  proceeding with respect to any audit of the
Partnership's  tax  returns.  The  payment  of all such  expenses  to which this
indemnification  applies shall be made before any  distributions are made to the
Partners under Article V hereof.  Neither the Tax Matters Partner, nor any other
person shall have any  obligation to provide funds for such purpose.  The taking
of any action and the  incurring of any expense by the  Management  Committee in
connection with any such proceeding,  except to the extent required by law, is a
matter in the sole discretion of the Management Committee.

     6.5  TAX  ELECTIONS.  The Tax  Matters  Partner  shall,  in its  reasonable
discretion,  determine  (x) whether or not to cause the  Partnership  to file an
election  under  Code  section  754  and  the   Regulations   thereunder  and  a
corresponding  election under the applicable section of state and local law, (y)
which method to apply to any asset of the  Partnership  under Section  704(c) of
the Code  consistent  with Section  4.3(b) hereof and whether or not to make any
other  elections  provided for under related  state and local laws,  and (z) any
other tax elections.

                                   ARTICLE VII
                               ACTIONS BY PARTNERS

     7.1  MEETINGS. Meetings of the Partners shall be held at the place and time
designated from time to time unanimously by the Partners.  The Partners may take
action by the vote of Partners at a meeting in person or by proxy,  or without a
meeting by written consent. In no instance where action is authorized by written
consent need a meeting of Partners be called or noticed.

     7.2  ACTIONS BY THE PARTNERS. All actions required or permitted to be taken
by the Partners with respect to the  Partnership  require the vote or consent of
all of the Partners.

<PAGE>

                                  ARTICLE VIII
                                   MANAGEMENT

     8.1  THE MANAGEMENT COMMITTEE.  The business and affairs of the Partnership
shall be managed under the direction and authority of a Management Committee. On
or before  July 31,  2003,  the  Management  Committee  shall  adopt an  initial
business plan for the Partnership, and thereafter the Management Committee shall
annually  adopt a business plan (such initial or subsequent  business  plan, the
"Business Plan").

          (a)  NUMBER,   APPOINTMENT  AND  TERM  OF  MANAGERS.   The  Management
Committee  shall be comprised of five (5)  members.  Three (3) members  shall be
appointed by Gannett and two (2) members  shall be appointed by  MediaNews.  The
managers shall act solely as the agents of the Partners  appointing  them.  Each
manager shall serve at the pleasure of the Partner  appointing him and until his
successor  has been duly  appointed,  or until his  resignation  or removal.  In
addition,  the Chief Executive  Officer shall be entitled to attend all meetings
and  participate in all  discussions of the  Management  Committee  except as to
matters regarding the Chief Executive Officer or as otherwise  determined by the
Management  Committee.  Each  Partner  shall also be entitled to  designate  two
non-voting observers to attend and participate in all meetings of the Management
Committee.  So long as William Dean Singleton is CEO of MediaNews  Group,  Inc.,
MediaNews shall elect a chairman of the Management  Committee  ("Chairman")  who
shall have the  responsibility  for  convening  and chairing the meetings of the
Management  Committee.  The  Chairman  may,  but need not be, one of the members
appointed by MediaNews to the Management  Committee,  PROVIDED HOWEVER that when
acting in his  capacity as Chairman he shall not be counted for the  purposes of
constituting  a quorum,  nor shall he have any voting rights on matters  brought
before the Management Committee. If a Chairman has not been elected by MediaNews
or in the absence or  unavailability  of the Chairman,  the member who requested
the meeting shall convene and chair the meeting.

          (b)  DUTIES AND POWERS. The Management Committee may exercise all such
powers of the  Partnership  and do all such  lawful  acts and  things as are not
directed or required to be exercised or done by the Partners. Each member of the
Management Committee may delegate to a representative by written proxy the right
to act on behalf of the member in any respect,  including without limitation the
right to attend meetings or telephone  conferences,  to represent that Partner's
appointed member for the purposes of constituting a quorum at a meeting,  and to
vote upon resolutions with or without a meeting.

     8.2  REMOVAL OF MEMBERS;  VACANCIES.  A member of the Management  Committee
may be removed at any time,  with or without cause, by the Partner (or Partners)
who appointed  such member.  Any vacancy on the Management  Committee  resulting
from removal,  resignation,  death or incapacity  shall be filled by the Partner
(or Partners) who is entitled to appoint such member.

<PAGE>

     8.3  MEETINGS OF THE MANAGEMENT COMMITTEE; NOTICE. The Management Committee
shall meet in regular meetings held at least quarterly at such time and place as
may from time to time be determined by the Management Committee either in person
or by telephone.  Special meetings of the Management  Committee may be called by
any member.  Written  notice of regular and special  meetings of the  Management
Committee, stating the place, date and hour of the meeting shall be delivered to
each member together with a reasonably detailed agenda for such meeting not less
than five  Business  Days  before the date of the  meeting,  provided,  that the
foregoing  notice  requirement  may be waived by the  Management  Committee with
respect to any  meeting at which at least  three (3)  members of the  Management
Committee  (including at least one (1) member  appointed by Gannett and at least
one (1) member appointed by MediaNews) vote for waiver of notice.  Notice may be
delivered to members in person,  by  telephone,  facsimile,  electronic  mail or
other means of telecommunication.

     8.4  QUORUM. Three (3) members of the Management Committee shall constitute
a quorum for the  transaction  of all such business as shall have been set forth
with  reasonable  specificity  in the  agenda  accompanying  the notice for such
meeting, either in person or by telephone provided that such three (3) (or more)
members who are in  attendance  at such meeting  include at least one (1) member
appointed by Gannett and at least one (1) member appointed by MediaNews. For the
transaction  of all  other  business  at a regular  or  special  meeting  of the
Management  Committee,  three (3) members of the Management  Committee,  whether
present in person or by  telephone,  shall again  constitute a quorum,  provided
that such three (3) or more members who are in  attendance  include at least one
(1)  member  appointed  by  Gannett  and at least one (1)  member  appointed  by
MediaNews.

     8.5  VOTING.  Any matter brought before the Management  Committee  shall be
decided by a majority  of members  present,  except for matters  that  require a
unanimous vote of the  Management  Committee as provided in this Agreement or as
otherwise provided under the laws of the State of Delaware.

     8.6  CERTAIN   MATTERS   REQUIRING  A  UNANIMOUS  VOTE  OF  THE  MANAGEMENT
COMMITTEE.  The Partnership  shall not, without a unanimous vote of all five (5)
members of the Management Committee:

          (a)  admit any new Partners to the Partnership;

          (b)  sell,  lease,  transfer or  otherwise  dispose of (other than PRO
RATA to the Partners)  substantially all of the assets, property and goodwill of
any newspaper or related publication owned by the Partnership;

          (c)  except for  distributions  to  Partners  pursuant  to Section 5.1
which may be deemed to be advances, commit or cause the Partnership to invest in

<PAGE>

or purchase the securities of, or any interests of, any person except short-term
investments in U.S.  Government  securities,  federally-insured  certificates of
deposit,  repurchase  agreements for such securities,  or commercial paper rated
A-1 or better  by  Standard  and  Poor's  or P-1 or  better  by  Moody's  or its
equivalent by a nationally recognized statistical rating organization;

          (d)  commit or cause the  Partnership to acquire all or  substantially
all of the capital stock or all or substantially all of the assets of any person
or business;

          (e)  except  as  provided  in  Section  3.1(b)  hereof,  obligate  the
Partners to make any Additional  Capital  Contribution or, except as provided in
Section 3.1(e) hereof, adjust any Partner's Percentage Interest;

          (f)  cause the Partnership to create,  or enter into, any corporation,
partnership,  joint venture,  association,  trust or other business entity or to
merge or consolidate with any person;

          (g)  except as provided  in Section  8.9  hereof,  commit or cause the
Partnership to enter into any contract, agreement,  understanding or transaction
(i)  with  any  person,  that  is  other  than  in the  ordinary  course  of the
Partnership's  business,  (ii) with a Partner or an  affiliate  of any  Partner,
which would have the result of imposing  terms or conditions on the  Partnership
that are  more  onerous  or less  advantageous  to the  Partnership  than  those
customarily provided by such Affiliate to its affiliates or (iii) with a Partner
or an  Affiliate  of  any  Partner  that  either  involves  goods,  services  or
properties  of a value of more than  $350,000 in the  aggregate  over the entire
term of such contract,  agreement,  understanding  or  transaction,  or does not
reflect standard and customary commercial terms;

          (h)  accept the contribu tion of any additional  newspapers or related
assets  from  any  Partner  as an  Additional  Capital  Contribution  under  the
provision of Section 3.1(c) hereof;

          (i)  commit or cause the Partnership (i) to borrow any funds;  (ii) to
enter into any  capitalized  leases,  in each case in excess of an  aggregate of
$200,000 per year (on a combined  basis),  except for refinancings or extensions
of any existing indebtedness of the Partnership (including,  without limitation,
the Indebtedness) or (iii) enter into any hedge agreement;

          (j)  make any Capital  Expenditures in excess of the amounts  provided
in the Business Plan for such expenditures;

          (k)  except as  permitted  pursuant to Article XI hereof,  dissolve or
liquidate the Partnership;

          (l)  make any  material  change  to the  nature  of the  Partnership's
business as described in Section 2.3; or,

<PAGE>

          (m)  adopt any portion of the Business  Plan which  would,  of itself,
require a unanimous vote of the Management Committee.

     8.7  ACTION BY CONSENT.  Any action  required or  permitted  to be taken on
behalf of the  Partnership  at any meeting of the  Management  Committee  may be
taken  without a meeting by written  consent  signed by the number of members of
the  Management  Committee  required to approve such action,  provided that such
members include at least one member appointed by each of the Partners.

     8.8  EXECUTIVE OFFICERS.

          (a)  The Management Committee shall elect a chief executive officer of
the   Partnership   (the  "Chief   Executive   Officer")   who  shall  have  the
responsibility  for managing the day-to-day  business  operations and affairs of
the Partnership  and  supervising its other officers,  subject to the direction,
supervision  and  control  of the  Management  Committee  and the  Partners.  In
general,  the Chief  Executive  Officer shall have such other powers and perform
such other duties as usually pertain to the office of a chief executive officer,
and as from time to time may be  assigned  to him by the  Management  Committee,
including,  without limitation,  the authority to retain and terminate employees
of the Partnership.  The powers and duties of the Chief Executive  Officer shall
at all times be subject to the provisions of this Agreement.

          (b)  The  Management  Committee  shall  also  elect a chief  financial
officer of the Partnership  (the "Chief  Financial  Officer") who shall have the
responsibility  for managing the  Partnership's  financial  affairs and books of
account,  subject  to the  direction  of the  Management  Committee,  the  Chief
Executive  Officer,  and the Partners.  In general,  the Chief Financial Officer
shall have such other powers and perform such other duties as usually pertain to
the  office  of a  chief  financial  officer,  and as from  time to time  may be
assigned to him by the Management Committee.  The powers and duties of the Chief
Financial  Officer  shall at all  times be  subject  to the  provisions  of this
Agreement.

          (c)  The Management  Committee may in its  discretion  also elect from
time to time such other  Executive  Officers as it may  determine,  each of whom
shall  have such  powers and  perform  such  duties as  usually  pertain to such
offices  and as from  time to  time  may be  assigned  to  such  persons  by the
Management  Committee.  The powers and duties of each Executive Officer shall be
subject to the provisions of this Agreement.

          (d)  Both the  Partnership's  Chief  Executive  Officer  and the Chief
Financial Officer shall be employees of Gannett.

          (e)  Subject to the provisions of this Agreement and to the directives
and policies of the Management Committee, the Chief Executive Officer, the Chief
Financial  Officer  and the other  officers  of the  Partnership  shall have the
power,  acting individually or jointly, to represent and bind the Partnership in

<PAGE>

all matters,  in accordance with the scope of their respective duties subject to
Section  8.6  hereof  and  any  other  limitations  imposed  by  the  Management
Committee.

     8.9  PROVISION OF SERVICES TO PARTNERSHIP BY GANSAT.

          (a)  The  Partners  hereby  agree that the  Partnership  shall  obtain
management services,  operating,  administrative,  accounting,  electronic media
and/or other support services,  newsprint purchase services, financial reporting
services,  human resource services,  risk management services, tax reporting and
tax  return  preparation  services  and other  similar  services  which  Gannett
Satellite  Information  Network,  Inc., a Delaware  corporation  and the general
partner  of  Gannett  ("GANSAT")  provides  to  its  own  operating   affiliates
(collectively, the "GANSAT Support Services") from GANSAT.

          (b)  In exchange for these services,  the Partnership shall pay GANSAT
a management  fee of $75,000 per annum,  payable  each year in advance,  with an
automatic 3% increase for each successive year. GANSAT shall begin providing the
GANSAT  Support  Services  after the Closing of the  Contribution  Agreement (as
defined  therein)  however the first such management fee of $75,000 shall be due
and payable on January 1, 2004 for the  calendar  year 2004.  All  services  and
supplies  including  employee  benefits,  shall be provided at cost  without any
adjustment for overhead or any other direct or indirect payment to GANSAT or its
affiliates.  Newsprint  purchased  for the  Partnership  shall  be  provided  at
GANSAT's cost,  including all vendor discounts related to newsprint purchased by
the Partnership.

          (c)  GANSAT by  agreeing  to provide  management  services,  agrees to
perform those services with the degree of care that a reasonably  prudent person
would  exercise and shall not enter into any  transaction in which it may have a
conflict  of  interest  without  the  unanimous  consent  of the  members of the
Management Committee. If GANSAT should at anytime, due to bankruptcy, insolvency
or similar  incapacity,  become  unable to continue to provide such  services on
behalf  of the  Partnership,  the  Partners  shall,  by mutual  agreement,  make
appropriate  arrangements  for the provisions of such services by one or more of
the other Partners or their Affiliates,  or by one or more third parties. As set
forth in a transitional  services agreement in the form attached as Attachment A
hereto ("Transitional Services Agreement"), MediaNews shall cause certain of its
Affiliates to provide the  equivalent  of the GANSAT  Services to certain of the
MediaNews newspapers as specified therein.

                                   ARTICLE IX
                       TRANSFER OF PARTNERSHIP INTERESTS;
                 ADDITIONAL AND SUBSTITUTE PARTNERS; PUT OPTION

     9.1  PROHIBITED TRANSFERS. No Partner may Transfer its Interest or any part
thereof  in any way  whatsoever,  and any such  Transfer  in  violation  of this

<PAGE>

Article  IX shall  be null  and  void as  against  the  Partnership,  except  as
otherwise  permitted  herein  or  provided  by  law,  and  the  Transferring  or
withdrawing  Partners shall be liable to the  Partnership and the other Partners
for all damages that they may sustain as a result of such attempted  Transfer or
withdrawal.

     9.2  PERMITTED  TRANSFERS  BY  PARTNERS.  No Partner may  Transfer all or a
portion of its Interest unless:

          (a)  the Partner  desiring to consummate such Transfer (the "Assigning
Partner"), and the prospective Transferee each execute,  acknowledge and deliver
to all the other  Partners  such  instruments  of transfer and  assignment  with
respect  to  such  Transfer  and  such  other   instruments  as  are  reasonably
satisfactory in form and substance to all the Partners  (including those written
instruments described in 9.6(d));

          (b)  the Transfer will not violate any federal or state laws;

          (c)  the  Transfer  will not  cause  any  violation  of or an event of
default under, or result in acceleration of any  indebtedness  under,  any note,
mortgage,  loan, or similar instrument or document to which the Partnership is a
party;

          (d)  the Transfer will not cause a material adverse tax consequence to
the Partnership or any of the Partners including but not limited to any material
adverse tax consequence resulting,  directly or indirectly, from the termination
of the Partnership under section 708 of the Code;

          (e)  the Transfer will not cause the  Partnership  to be classified as
an entity other than a partnership for purposes of the Code; and,

          (f)  except for  transfers of a Partner's  Interest to an Affiliate of
such Partner,  any amendments to this Agreement  required by or made a condition
by any Partner to its consent to the transfer, have been made.

     9.3  SUBSTITUTE  PARTNER.  A  Transferee  of the  whole  or any  part of an
Interest who satisfies the conditions set forth in Section 9.2 hereof shall have
the right to become a Partner in place of the  Assigning  Partner only if all of
the following conditions are satisfied:

          (a)  the  fully  executed  and  acknowledged   written  instrument  of
assignment  that has been filed with the  Partnership  sets forth a statement of
the intention of the Assigning  Partner that the Transferee  become a Substitute
Partner in its place;

          (b)  the Transferee  executes,  adopts and acknowledges this Agreement
(as it may be amended) and agrees to assume all the obligations of the Assigning
Partner; and,

<PAGE>

          (c)  any costs of the Transfer  incurred by the Partnership shall have
been reimbursed by the Assigning Partner or the Transferee to the Partnership.

     9.4  INVOLUNTARY WITHDRAWAL BY A PARTNER. With respect to the Transfer of a
Partner's  Interest  due  to  bankruptcy,   or  other  insolvency,   involuntary
dissolution or  liquidation,  or foreclosure (or other exercise of remedies by a
party  holding a security  interest in such  Interest)  (each,  an  "Involuntary
Transfer"), the Partner with respect to whom such event occurred shall forthwith
cease to be a Partner and shall have no rights or powers as a Partner except for
such rights as are  specified  pursuant  to  Articles  III, IV and V and Section
10.3(b) hereof.

     9.5  RIGHT OF FIRST REFUSAL FOR SALE OF PARTNERSHIP INTERESTS.

          (a)  Except as otherwise herein  provided,  no Partner may voluntarily
transfer all or any part of its Interest in the  Partnership to any party (i) in
any case  prior to  December  31,  2006 or (ii)  after  that date  unless it has
complied  with the  procedures  of  Section  9.2 and  first  offers to sell such
Interest  to the other  Partner(s)  pursuant to the terms of this  Section  9.5;
PROVIDED  that this  Section  9.5  shall not be  applicable  with  respect  to a
Transfer to an Affiliate of the Transferring Partner.

          (b)  A Partner  (the  "Offering  Partner")  who has  received  a firm,
written,  bona fide offer from a  third-party  for its  Interest (a "Third Party
Offer") or who has  otherwise  determined  to offer its Interest for sale shall,
before offering such Interest or agreeing to accept such offer for such Interest
(in either case,  the  "Offered  Interest"),  give  written  notice to the other
Partners  that are not  Affiliates  of the  Offering  Partner  (each an  "Option
Partner") of such offer or intent including, in the case of a Third Party Offer,
a copy of such Third Party Offer and a complete  description  thereof including,
by way of  example  but not of  limitation,  the nature and extent of such Third
Party Offer,  the purchase price therein,  the terms of payment and the time for
performance.

          (c)  Upon receiving the Offering  Partner's written notice pursuant to
Section 9.5(b),  the Option  Partner(s)  shall have a period of thirty (30) days
following  the date of receipt by the Option  Partner of the Offering  Partner's
notice to elect to purchase  the Offered  Interest  at the price  determined  in
accordance  with Section  9.5(f).  If an Option Partner  desires to purchase the
Offered  Interest it shall give written  notice to the  Offering  Partner in the
manner set forth in  Section  13.2  hereof  within  such  30-day  period.  To be
effective,  this notice must be received  by the  Offering  Partner  within such
30-day period.  In no event may the Option Partner(s) elect to acquire less than
all of the  Offered  Interest.  To the  extent  there are more  than one  Option
Partners,  the  Option  Partners  accepting  such  offer  shall be  jointly  and
severally  liable  to the  Offering  Partner  to  purchase  all  of the  Offered
Interest.

          (d)  The  closing of the sale and  purchase  of the  Offered  Interest
shall be promptly completed, but in any event, to the extent practicable, within
ninety  (90)  days  after  the  receipt  of the  Option  Partner(s)'  notice  of
acceptance  (or such later date as necessary to obtain any necessary  regulatory

<PAGE>

approvals).  The Management  Committee shall assist in coordinating the closing.
At the closing,  the Offering Partner shall sell the Offered Interest,  free and
clear of all liens and encumbrances,  and execute and deliver such assignment(s)
and all  other  documents  or other  instruments  of  assignment  or  conveyance
necessary  to effect and  evidence the  assignment.  At the closing,  the Option
Partner(s)  shall deliver to the Offering  Partner cash, a certified or official
bank check or shall pay by wire transfer of immediately  available funds for the
applicable purchase price.

          (e)  If the  Option  Partner(s)  do not elect to  purchase  all of the
Offered  Interest  pursuant to this Section 9.5, then the Offering Partner shall
be free to sell, assign, transfer,  pledge, encumber or otherwise dispose of the
Offered  Interest  pursuant  to the  Third  Party  Offer  or,  in the  case of a
non-Third  Party  Offer,  to any third party for an amount  equal to Fair Market
Value of the Offered Interest, as hereunder  determined,  in either case, within
six month's after the date of the Option  Partner(s)' notice of refusal or after
the  expiration of the 30-day  response  period,  whichever  occurs  first.  For
purposes  of this  Section  9.5(e),  a sale  shall be deemed  made when there is
executed a legally  binding  agreement  between  the  Offering  Partner  and the
prospective purchaser,  subject to no condition or contingency which permits the
prospective  purchaser  to  terminate  or cancel the  agreement,  except for the
default of the Offering Partner, and routine approvals or conditions.  If a sale
within the  meaning  of this  Section  9.5(e) is not made  within  such  6-month
period,  then the Offered  Interest shall remain subject to the  restrictions of
this  Agreement and must again be first offered to the Option  Partner(s) if the
Offering Partner thereafter wishes to sell its Interest to a third party.

          (f)  (i)  In the case of a Third  Party  Offer,  if the  consideration
offered by the  prospective  purchaser is offered in cash and/or a promissory or
other similar  instrument to be issued by the prospective  purchaser,  the price
shall  be  the  price  offered  by  such  prospective  purchaser.   If  (A)  the
consideration  offered by the  prospective  purchaser is offered in a form other
than  cash  and/or a  promissory  note or other  similar  instrument  or (B) the
Offering Partner has not received a Third Party Offer,  then in either case, the
price shall be the Fair Market Value of the Offered Interest, as defined below.

               (ii) For the  purposes of this  Agreement,  "Fair Market Value of
the  Offered  Interest"  shall be the amount  that would be paid for the Offered
Interest in the  Partnership as a going concern,  on a consolidated  basis, by a
willing  buyer  to a  willing  seller.  The  Offering  Partner  and  the  Option
Partner(s)  may  mutually  agree as to the  Fair  Market  Value  of the  Offered
Interest in question.  If the  Offering  Partner and the Option  Partner(s)  are
unable to agree on the Fair Market Value of the Offered  Interest within fifteen
(15) days after the Offering Partner's written notice of the proposed sale, then
in such event Fair Market  Value of the  Offered  Interest  shall be  determined
pursuant to Section 9.5(f)(iii) by two independent qualified appraisers,  one to
be appointed by the Offering Partner and the other to be appointed by the Option
Partner(s).

               (iii) The two independent  appraisers  shall be appointed  within
fifteen  (15) days  after  receipt  by the  Option  Partner(s)  of the notice of

<PAGE>

proposed sale. If either side fails to appoint an appraiser  within such period,
then  its  right  to do so  shall  lapse  and  the  appraisal  made  by the  one
independent  appraiser who is timely appointed shall be the Fair Market Value of
the Offered  Interest.  If two  appraisals  are made,  and if the two  appraised
values differ by less than 15 percent, Fair Market Value of the Offered Interest
shall be the  average of the two  appraisals,  and if the two  appraised  values
differ by more than 15 percent,  the two appraisers shall jointly select a third
appraiser  and,  the Fair  Market  Value of the  Offered  Interest  shall be the
average of the two of the three  appraisals that are closest together in amount.
All  appraisals  shall be made  within  thirty  (30) days of  appointment  of an
appraiser,  and written notice of the results of such appraisals  shall be given
to all parties within such 30-day  period.  The Fair Market Value of the Offered
Interest  shall be  determined  based upon the value of the  Partnership  in its
entirety as a going concern, with the Offering Partner receiving a proportionate
part of such total  value  based  upon its  Percentage  Interest.  In making any
appraisal hereunder, all debts and liabilities shall be taken into account. Each
side shall pay the fees of the appraiser selected by them.

     9.6  TAG-ALONG RIGHTS REGARDING SALES OF PARTNERSHIP INTERESTS.

          (a)  Except for  Transfers of a Partner's  Interest to an Affiliate of
such  Partner  and except  following  an  Involuntary  Transfer  of a  Partner's
Interest,  in any case where a Partner has  declined  to exercise  its rights of
first  refusal under Section 9.5, no Partner (the  "Tag-Along  Offeror")  shall,
individually or collectively,  in any one transaction or series of transactions,
directly or indirectly, sell or otherwise dispose of its Interest, to any person
(a  "Third  Party")  unless  the  terms  and  conditions  of such  sale or other
disposition  to such Third  Party shall  include an offer to each other  Partner
(each,  a  "Tag-Along  Offeree")  to  include,  at the option of each  Tag-Along
Offeree,  in the sale or other  disposition  to the Third Party,  such Tag-Along
Offeree's  Interest (the "Tag-Along  Right").  Each Partner  proposing to effect
such a sale or other  disposition  shall send a written  notice (the  "Tag-Along
Notice") to each of the Tag-Along Offerees setting forth the terms of the offer.
At any time  within 15 days after its  receipt  of the  Tag-Along  Notice,  each
Tag-Along Offeree may exercise its Tag-Along Option by furnishing written notice
of such exercise (the "Tag-Along Exercise Notice") to the Tag-Along Offeror.

          (b)  If the proposed sale or other  disposition  to the Third Party by
the Partner  providing  the  Tag-Along  Notice is  consummated,  each  Tag-Along
Offeree shall have the right to sell such Third Party all of its Interest.

          (c)  Each Partner  participating  in the sale or other  disposition to
the Third Party  shall have the right,  in their sole  discretion,  at all times
prior to consummation of the proposed sale or other  disposition  giving rise to
the Tag-Along Right granted by this Section to abandon, rescind, annul, withdraw
or  otherwise  terminate  such sale or other  disposition  as it relates to such
Partner's Interest whereupon that Partner's  Tag-Along Rights in respect of such
sale or other  disposition  pursuant to this Section shall become null and void,
and neither the  Tag-Along  Offeror nor the Third Party shall have any liability

<PAGE>

or  obligations to the  withdrawing  Tag-Along  Offeree with respect  thereto by
virtue of such abandonment, rescission, annulment, withdrawal or termination.

          (d)  The purchase of each  Tag-Along  Offeree's  Interest  pursuant to
this  Section  shall be on the same  terms  and  conditions,  including  but not
limited to the purchase  price (as adjusted  for any  difference  in size of the
respective  Interest's),  as are  applicable to the Partner giving the Tag-Along
Notice,  which shall be stated in such  Tag-Along  Notice.  In  determining  the
purchase price of any Interest under this Section,  the aggregate purchase price
of all  Interests  being  acquired by the Third Party shall be  increased to the
extent any of the selling Partners shall receive additional compensation (A) for
covenants  not to compete or (B) for  services  (such as pursuant to  consulting
agreements  or management  agreements)  which are in excess of the amounts which
would  be  payable  for  comparable  services  as a  result  of an  arm's-length
transaction.

          (e)  If,  within 15 days after  receipt  of a  Tag-Along  Notice,  any
Tag-Along Offeree has not delivered a Tag-Along Exercise Notice,  such Tag-Along
Offeree  will be deemed to have waived any and all of its rights with respect to
the sale or other  disposition of Interests  described in such Tag-Along  Notice
and the other  Partners  shall have 135 days  following  the  expiration of such
15-day period in which to consummate such sale or other disposition on terms not
more  favorable to such other  Partners  than those  described in the  Tag-Along
Notice.  If, at the end of 150 days following  receipt of such Tag-Along Notice,
the sale or other disposition described therein has not been completed, then all
restrictions  on sale or other  disposition  contained in this  Agreement  shall
again be in effect.

     9.7  GANNETT DRAG-ALONG RIGHTS.

          (a)  If, at any time after December 31, 2007,  Gannett receives a bona
fide written offer to purchase all of the Interests in the  Partnership  from an
independent  third party,  in one transaction or a series of  transactions,  and
Gannett  determines  to  accept  such  offer,  then,  notwithstanding  any other
provisions of this Agreement,  at Gannett's election,  all other Partners shall,
subject to (b) below, be required to sell their respective Interests on the same
terms and  conditions  (except for  adjustments  based upon the relative size of
Percentage  Interests) as have been offered to Gannett (the "Gannett  Drag-Along
Rights");  PROVIDED THAT the  aggregate  purchase  price of all Interests  being
acquired by the Third Party shall be  increased to the extent any of the selling
Partners shall receive additional  compensation (A) for covenants not to compete
or (B) for services  (such as pursuant to  consulting  agreements  or management
agreements)  which are in excess  of the  amounts  which  would be  payable  for
comparable  services  as a result of an  arm's-length  transaction;  AND FURTHER
PROVIDED  THAT all other  Partners  receive fair market value (as  determined in
accordance with Section 9.5(f)) for their Interest.

          (b)  If Gannett  elects to exercise its  Drag-Along  Rights,  it shall
provide written notice (the  "Drag-Along  Notice") to each other Partner of such
election at least 30 days in advance of the closing  date for such  transaction,
which  notice  shall  describe  the terms and  conditions  of such offer and the

<PAGE>

proposed closing date. Upon receipt of the Drag-Along Notice, each other Partner
shall be  obligated  to sell its entire  Interest to the Third Party making such
offer  on  the  terms  set  forth  in the  Drag-Along  Notice.  However,  if the
transaction  is not completed  within 90 days after the giving of the Drag-Along
Notice,  then any sale  thereafter  by Gannett of its  Interest  with respect to
which it wishes to exercise its  Drag-Along  Rights  shall  require a new notice
under this Section 9.7(b).

     9.8  ADMISSION OF ADDITIONAL  PARTNERS. A person shall become an Additional
Partner only if and when each of the following conditions is satisfied:

          (a)  the  Management  Committee,  unanimously  and  in  its  sole  and
absolute discretion, determine the Additional Contribution Terms;

          (b)  the Partnership has complied with the terms of Section 3.1(b);

          (c)  all of the Partners  consent in writing to such admission,  which
consent may be withheld by any such Partner in its sole and absolute discretion;

          (d)  the Management Committee receives written instruments (including,
without  limitation,  such person's consent to be bound by this Agreement (as it
may be amended) as an Additional Partner) that are in a form satisfactory to the
Management Committee (as determined in its sole and absolute discretion);

          (e)  the Partnership has received such person's Capital  Contribution;
and,

          (f)  any amendments to this Agreement  required by or made a condition
by any Partner to its consent to the transfer, have been made.

     9.9  ACKNOWLEDGMENT  OF PLEDGE OF INTERESTS.  Gannett  hereby  acknowledges
that MediaNews' Interests in the Partnership have been pledged as security under
an Amended  and  Restated  Credit  Agreement  dated as of  January  2, 2001,  as
amended,  among MediaNews Group, Inc., The Bank of New York, as agent, and other
banks.

     9.10 RIGHTS OF FIRST REFUSAL WITH RESPECT TO CERTAIN  ASSETS OFFERED TO THE
PARTNERS.  With respect to any offer or sale of substantially all of the assets,
properties  and  goodwill  of:  (a) any  newspapers  or related  publications  a
majority of the circulation of which occurs in the State of New Mexico, with the
exception of McKinley county,  Bernalillo  county,  and Santa Fe county; (b) any
newspapers or related publications a majority of the circulation of which occurs
in El Paso county,  Texas;  or (c) any radio or television  station  licensed in
Dona Ana, Otero, or Eddy counties, New Mexico or the El Paso television DMA that
is made to either Gannett or MediaNews or their respective affiliates during the
term of this Agreement (other than offers which relate to assets, properties and
goodwill  which  the  party  receiving  such  offer  is,  as of the date of this

<PAGE>

Agreement, contractually obligated to offer to a third person an equity interest
therein, or other investment opportunity with respect thereto),  such party (the
"Notifying  Party") shall give prompt  written notice of such offer to the other
Partner.  Should the other Partner give written notice to the Notifying Party of
its approval of the negotiation  for the acquisition of such assets,  properties
and goodwill by the  Partnership  within 10 days of its receipt of the Notifying
Party's  notice of the offering of such assets,  the  Notifying  Party shall not
negotiate to acquire such assets,  properties  and goodwill for its own account,
and the Notifying  Party shall instead  permit the  Partnership to negotiate for
the acquisition of such assets,  properties and goodwill from the seller of such
assets.  Should the other  Partner  fail to  provide  the  Notifying  Party such
written  notice of  approval,  the  Notifying  Party may proceed to acquire such
assets, properties and goodwill for its own account and ownership.

                                    ARTICLE X
                           DISSOLUTION AND LIQUIDATION

     10.1 DISSOLUTION.

          (a)  The Partnership  shall be dissolved upon the first to occur (each
a "Dissolution Event"):

               (i)  December 31, 2053;

               (ii) At any time after December 31, 2007, the election by written
notice to the other Partners by one or more Partners (the "Electing Partner") to
terminate the Partnership prior to December 31, 2053;  PROVIDED,  HOWEVER,  that
such  right  may be  exercised  at any time in  connection  with an  Involuntary
Transfer of a Partner's  Interest or to the extent required to effect compliance
with the provisions of any indenture applicable to publicly held indebtedness of
a Partner; or,

               (iii) The  occurrence  of any  other  event  specified  under the
Delaware Uniform Partnership Law (6 Del. C. 1953, 1501 ET SEQ.) as one effecting
such dissolution.

          (b)  Notwithstanding  the  provisions of subsection  (a)(ii)  above, a
dissolution  of the  Partnership  shall not occur if, within 10 business days of
receipt of the  written  notice  described  in  subsection  (a)(ii)  above,  the
Partners  other than the Partner who is the  Electing  Partner  provide  written
notice to the Electing Partner of their election to continue the business of the
Partnership  and of their  undertaking to cause the  Partnership to enter into a
contract  to  redeem  all of the  Interest  in the  Partnership  of the  Partner
electing to terminate the  Partnership,  in exchange for a distribution  of cash
equal to the  then-determined  fair market  value of such  Interest  (net of any
liabilities allocable to such Interest) plus the amounts described in the second
to last sentence of this  subsection  within 2 years of the date the fair market

<PAGE>

value of such  Interest is  determined  under this  Section  10.1(b).  Such fair
market value shall be determined in accordance  with the procedures set forth in
Section  9.5(a)  through  (f)  above,  provided,  however,  that the  period for
negotiation  between the  Partners set forth in Section  9.5(f)(ii)  shall be 90
days.  At the time such fair market  value is  determined,  the  Interest of the
Electing  Partner in the Partnership  shall terminate and Electing Partner shall
be treated as a "retiring  partner"  for  purposes  of Code  Section 736 and the
payment  described in this Section 10.1(a) shall be treated as described in Code
Section 736(b).

          (c)  Upon the date of the determination of such fair market value, the
Electing  Partner's  right to receive any  distribution or allocation of Profits
from the  Partnership  under Section 4.2(b) shall convert  automatically  into a
first priority  interest in the Profits of the Partnership  equal to the product
of (x) the determined  fair market value of such Interest and (y) LIBOR plus (I)
1 percent for the first 6-month period  following the date of  determination  of
the fair  market  value;  (II) 2 percent for the seventh  through  ninth  months
following the date of  determination  of the fair market value;  (III) 3 percent
for the tenth through twelfth months  following the date of determination of the
fair market value;  (IV) 4 percent for the thirteenth  through  fifteenth months
following the date of  determination of the fair market value; (V) 5 percent for
the sixteenth  through  eighteenth months following the date of determination of
the fair market value;  (VI) 6 percent for the nineteenth  through  twenty-first
months following the date of determination of the fair market value; and (VII) 7
percent for the twenty-second through twenty-fourth months following the date of
determination of the fair market value.  The payments  described in this Section
10.1(c) shall be treated as distributions of partnership  income as described in
Code Section 736(a).

     10.2 ELECTION TO CONTINUE THE BUSINESS.  The Partnership  shall also not be
dissolved  pursuant to a Dissolution  Event specified in Sections  10.1(a)(i) or
(iii) (except as otherwise  provided in the Act), if, within 20 business days of
such Dissolution Event, all the remaining Partners  unanimously agree in writing
to continue the business of the Partnership.

     10.3 CLOSING OF AFFAIRS.

          (a)  In the  event  of the  dissolution  of the  Partnership  for  any
reason,  and in the  absence of an election  pursuant to Section  10.2 hereof to
continue  the  business  of the  Partnership,  the  Management  Committee  shall
commence to close the affairs of the  Partnership,  to  liquidate  or retain for
distribution to the Partners its  investments and to terminate the  Partnership,
in each  instance  in such manner as the  Management  Committee  may  reasonably
determine to be  appropriate,  provided,  however,  that no  distribution of any
Partnership  property shall be made to any of the Partners  (except for PRO RATA
distributions)  except  upon the prior  approval  of all of the  Partners.  Upon
complete  liquidation  of the  Partnership's  property and  compliance  with the
distribution  provisions set forth in Section  10.3(b)  hereof,  the Partnership
shall cease to be such, and the Management Committee shall cause to be executed,
acknowledged and filed all certificates necessary to terminate the Partnership.

<PAGE>

          (b)  In liquidating  the  Partnership,  the assets of the  Partnership
shall be applied to the extent  permitted by the Act in the  following  order of
priority:

               (i)  FIRST,  to pay the costs and  expenses of the closing of the
affairs and liquidation of the Partnership;

               (ii) SECOND,  to pay the  matured  debts and  liabilities  of the
Partnership;

               (iii) THIRD, to establish  reserves  adequate to meet any and all
contingent or unforeseen liabilities or obligations of the Partnership, provided
that at the  expiration of such period of time as the  Management  Committee may
deem advisable, the balance of such reserves remaining after the payment of such
contingencies or liabilities shall be distributed as hereinafter provided;

               (iv) FOURTH,  to all  Partners in  proportion  to each  Partner's
Percentage Interest in the Partnership, after taking appropriate account of, and
making  appropriate   adjustments  for,  (A)  any  Indebtedness  then  remaining
outstanding   which  is  attributable  to  any  Partnership   assets  previously
contributed by a particular partner, and (B) any portion of any required capital
contributions or accrued but unpaid interest  described in either Section 3.1(b)
or 3.1(c) of this Agreement which then remains outstanding,  (provided, however,
that  to the  extent  that  any  Partner  has a  finally  adjudicated  indemnity
obligation  to any other  Partner,  any  distribution  that would  otherwise  be
distributed to the Partner  subject to such  obligation  shall be distributed to
the Partner(s) entitled to the benefit of the indemnity obligation to the extent
thereof).

          (c)  No Partner shall have any obligation to restore a deficit balance
in its Capital Account.

                                   ARTICLE XI
                             AMENDMENT TO AGREEMENT

     Amendments  to this  Agreement and to the  Certificate  of Formation of the
Partnership  shall be approved in writing by all of the  Partners.  An amendment
shall become effective as of the date specified in the Partners'  approval or if
none is  specified as of the date of such  approval or as otherwise  provided in
the Act.

                                  ARTICLE XII
                                INDEMNIFICATION

     12.1 GENERAL. From and after the Closing, the Partners shall indemnify each
other as  provided in this  Article  XII.  As used in this  Agreement,  the term
"Damages"  shall mean all  liabilities,  demands,  claims,  actions or causes of

<PAGE>

action,  regulatory,  legislative  or judicial  proceedings  or  investigations,
assessments,  levies,  losses (including,  without  limitation,  any adverse tax
consequences to other parties arising directly or indirectly from a violation of
a covenant in this Agreement by a party), fines,  penalties,  damages, costs and
expenses,  including, without limitation:  reasonable attorneys',  accountants',
investigators',  and  experts'  fees  and  expenses  sustained  or  incurred  in
connection with the defense or investigation of any such claim.

     12.2 INDEMNIFICATION  OBLIGATIONS.  Notwithstanding  any other provision of
this Agreement,  each party (an "Indemnifying  Party") shall defend,  indemnify,
save and keep harmless the other Partners,  the Partnership and their respective
successors  and permitted  assigns  (collectively,  the  "Indemnified  Parties")
against  and from  any and all  Damages  sustained  or  incurred  by any of them
resulting from or arising out of or by virtue of:

          (a)  any  breach  of  any  representation  or  warranty  made  by  the
Indemnifying Party in this Agreement or in any closing document delivered to the
Indemnified Parties in connection with this Agreement;

          (b)  any  breach  by the  Indemnifying  Party of,  or  failure  by the
Indemnifying  Party to comply with,  any of its covenants or  obligations  under
this Agreement  (including,  without  limitation,  their  obligations under this
Article XII); or,

          (c)  any  indemnification  obligation  of such party or any  affiliate
thereof arising under the provisions of Article X of the Contribution Agreement.

     Any  indemnification  obligation  arising  under  this  Article  XII and/or
Article  X of the  Contribution  Agreement  shall  be  discharged  by a  capital
contribution  by the Partner  owing such  obligation to the  Partnership  in the
amount of the  Damages  relating  thereto.  Any  payment by the  Partnership  of
Damages to which an  indemnification  obligation  relates  shall be charged as a
distribution to the Indemnifying  Partner and taken into account for purposes of
current and future  distributions  made by the  Partnership  pursuant to Section
5.1. In addition,  no item of Partnership  property shall be revalued to reflect
such indemnification  payment. From the date of determination of such obligation
(which  shall be the date agreed by the  parties or the date of a final  binding
determination by a mediator or the date of a final, non-appealable determination
by a court of competent  jurisdiction,  as applicable) and until such obligation
(and all accrued  interest,  if any, with respect thereto) has been paid in full
in cash or other immediately  available funds, all cash distributions to which a
Partner  shall  otherwise  be  entitled to receive  pursuant  to Section  5.1(a)
hereof,  shall  instead be  retained  by the  Partnership  and  credited  to the
discharge of the obligation to make such capital contribution and to pay accrued
but unpaid interest as provided in Section 3.1(c) hereof.

     12.3 EXCLUSIVE REMEDY. The sole and exclusive remedy of Indemnified Parties
with  respect  to any and all  claims  relating  to the  subject  matter of this
Agreement shall be pursuant to the indemnification  provisions set forth in this
Article XII.

<PAGE>

     12.4 THIRD PARTY  CLAIMS.  Promptly  following the receipt of notice of any
claim for Damages or for equitable  relief which are asserted or threatened by a
party other than the parties hereto,  their  successors or permitted  assigns (a
"Third Party  Claim"),  the party  receiving the notice of the Third Party Claim
shall (a) notify the other  Partners in writing in accordance  with Section 13.2
hereof of its existence setting forth with reasonable  specificity the facts and
circumstances  of which  such  party has  received  notice  and (b) if the party
giving such notice is an Indemnified Party,  specifying the basis hereunder upon
which the Indemnified Party's claim for indemnification is asserted.  No failure
to give notice of a claim shall affect the  indemnification  obligations  of the
Indemnifying  Party hereunder,  except to the extent that the Indemnifying Party
can  demonstrate  that such  failure  materially  prejudiced  such  Indemnifying
Party's ability to successfully  defend the matter giving rise to the claim. The
Indemnified  Party  shall  tender  the  defense  of a Third  Party  Claim to the
Indemnifying Party.

     The  Indemnified  Party  shall not have the right to defend or settle  such
Third Party Claim. The Indemnified  Party shall have the right to be represented
by  counsel at its own  expense  in any such  contest,  defense,  litigation  or
settlement  conducted by the Indemnifying  Party.  The Indemnifying  Party shall
lose its right to defend and settle  the Third  Party  Claim if it shall fail to
diligently  contest the Third Party Claim. So long as the Indemnifying Party has
not lost its right and/or  obligation  to defend and settle as herein  provided,
the Indemnifying Party shall have the right to contest,  defend and litigate the
Third Party Claim and shall have the right, in its discretion  exercised in good
faith, and upon the advice of counsel, to settle any such matter,  either before
or after the  initiation of  litigation,  at such time and upon such terms as it
deems fair and  reasonable;  provided that in any event the  Indemnifying  Party
shall  consult with the  Indemnified  Party with respect to settling such matter
which decision shall be made by mutual agreement of the  Indemnifying  Party and
the Indemnified  Party, not to be unreasonably  withheld by either. All expenses
(including  without  limitation  attorneys'  fees) incurred by the  Indemnifying
Party in connection with the foregoing shall be paid by the Indemnifying  Party.
Notwithstanding the foregoing,  in connection with any settlement  negotiated by
an Indemnifying Party, no Indemnified Party shall be required by an Indemnifying
Party to (w) enter into any settlement that does not include as an unconditional
term thereof the delivery by the claimant or plaintiff to the Indemnified  Party
of a release  from all  liability  in respect of such claim or  litigation,  (x)
enter  into  any  settlement  that  attributes  by its  terms  liability  to the
Indemnified  Party,  (y)  consent  to the  entry of any  judgment  that does not
include as a term thereof a full dismissal of the litigation or proceeding  with
prejudice or (z) enter into any settlement  which would, or could  reasonably be
expected to, result in or relate to either a material nonmonetary  obligation or
restriction of any kind whatsoever  being imposed upon the Indemnified  Party or
Damages  other than  Damages  which are  indemnifiable  under this  Article XII;
PROVIDED,  HOWEVER,  that the Indemnifying  Party may enter into the settlements
described  in (w)  and  (y)  above  if (1)  such  settlement  is not in any  way
materially damaging or harmful to the Partnership's  business or the Indemnified
Parties,  as the case may be, and (2) the  Indemnifying  Party  agrees to remain
liable to the Indemnified Party for  indemnification  with respect to such claim
indefinitely  thereafter.  No failure by an Indemnifying Party to acknowledge in
writing its indemnification  obligations under this Article XII shall relieve it

<PAGE>

of such  obligations  to the  extent  they  exist.  If an  Indemnified  Party is
entitled to  indemnification  against a Third Party Claim,  and the Indemnifying
Party fails to accept the defense of a Third  Party Claim  tendered  pursuant to
this Section 12.4, or if, in accordance  with the  foregoing,  the  Indemnifying
Party shall lose its right to contest,  defend, litigate and settle such a Third
Party  Claim;  provided  that  the  Indemnifying  Party  shall  be  entitled  to
participate,  at its  expense,  with counsel of its choice,  and any  settlement
shall  be  approved  by  the  Indemnifying   Party,  such  approval  not  to  be
unreasonably  withheld,  the  Indemnified  Party  shall have the right,  without
prejudice to its right of indemnification hereunder, in its discretion exercised
in good faith and upon the advice of counsel,  to contest,  defend and  litigate
such Third Party Claim,  and subject to the  preceding  sentence may settle such
Third Party Claim,  either  before or after the  initiation of  litigation.  If,
pursuant to this Section 12.4,  the  Indemnified  Party so defends or (except as
hereinafter  provided)  settles a Third Party Claim, for which it is entitled to
indemnification  hereunder, as hereinabove provided, the Indemnified Party shall
be reimbursed by the Indemnifying  Party for the reasonable  attorneys' fees and
other expenses of defending the Third Party Claim which is incurred from time to
time, forthwith following the presentation to the Indemnifying Party of itemized
bills for said attorneys' fees and other expenses.

     12.5 OTHER  INDEMNIFICATION  CLAIMS.  The Indemnified  Party shall give the
Indemnifying  Party  prompt  notice of any  Indemnification  Claim (other than a
Third Party Claim)  specifying the basis  hereunder  upon which the  Indemnified
Party's claim for  indemnification  is asserted.  No failure to give notice of a
claim shall affect the  indemnification  obligations of the  Indemnifying  Party
hereunder, except to the extent that the Indemnifying Party can demonstrate that
such  failure  materially   prejudiced  such  Indemnifying  Party's  ability  to
successfully defend or otherwise respond to the matter giving rise to the claim.
In respect of any  Indemnification  Claim  other than a Third Party  Claim,  the
Partnership  shall provide the  Indemnifying  Party with the opportunity and all
appropriate access to the applicable facilities, personnel, books and records to
conduct (under the Indemnifying  Party's  control)  necessary to respond to such
Indemnification Claim.

                                  ARTICLE XIII
                               GENERAL PROVISIONS

     13.1 MEDIATION. Each Partner agrees that, in the event of any dispute among
such Partners  regarding the  interpretation  or  application  of this Agreement
(including any dispute regarding the operation of the Partnership that cannot be
resolved by the procedures created by the provisions of this Agreement), it will
follow the following procedures:

          (a)  it will give each other Partner  written  notice of the matter in
dispute;

<PAGE>

          (b)  it will  negotiate  reasonably  and in good  faith with the other
Partners in order to resolve  such dispute for a period of not less than fifteen
(15) business days following receipt of the notice in (a);

          (c)  if the dispute has not been resolved by  negotiation  pursuant to
(b),  it will  cooperate  with the other  Partners  to submit the  dispute to an
independent  mediator (to be selected by the unanimous  consent of the Partners,
which  shall  only be  withheld  on the basis of good faith  concerns  about the
independence  or adequacy of expertise of the proposed  mediator) who shall have
ten (10)  business  days  after the matter is fully  submitted  to him or her to
propose a settlement of the dispute;

          (d)  if any Partner refuses,  in its sole and unreviewable  discretion
to accept the proposed resolution of the mediator,  it shall give prompt written
notice of such refusal to the other Partners and, at any time following  receipt
of any such notice, any Partner shall be free to pursue any legal,  equitable or
other remedies available to it regarding the matter in dispute.

     Notwithstanding  the foregoing,  no Partner shall be required to pursue the
notice,  negotiation  or  mediation  steps  set  forth  above if it  determines,
reasonably and in good faith,  the delay involved in such procedure  would cause
irreparable, material harm to it or its interest in the Partnership.

     13.2 NOTICES. Unless otherwise specifically provided in this Agreement, all
notices and other  communications  required or permitted  to be given  hereunder
shall be in writing, directed or addressed to the respective addresses set forth
in Schedule  13.2  attached  hereto,  and shall be either (i) delivered by hand,
(ii) delivered by a nationally recognized commercial overnight delivery service,
(iii)  mailed  postage   prepaid  by  registered  or  certified  mail,  or  (iv)
transmitted  by  facsimile,  with  receipt  confirmed.  Such  notices  shall  be
effective:  (a) in the case of hand deliveries when received; (b) in the case of
an overnight  delivery service,  when received in accordance with the records of
such delivery service; (c) in the case of registered or certified mail, upon the
date received by the addressee as determined by the U.S. Postal Service; and (d)
in the case of  facsimile  notices,  when  electronic  indication  of receipt is
received.  Any party may  change its  address  and  facsimile  number by written
notice to the other parties given in accordance with this Section 13.2.

     13.3 CONFIDENTIALITY.  Each of the Partners agrees that, except as required
by law, legal process,  government  regulators,  or as reasonably  necessary for
performance  of  its  obligations  or  enforcement  of  its  rights  under  this
Agreement,  without the prior  written  consent of the other  Partners,  it will
treat and hold as confidential (and not disclose or provide access to any person
other  than such  Partner's  attorneys  or  accountants)  and it will  cause its
Affiliates, officers, managers, partners, employees and agents to treat and hold
as  confidential  (and  not  divulge  or  provide  access  to  any  person)  all
information  relating  to (i) the  business  of the  Partnership  and  (ii)  any
patents,  inventions,  designs,  know-how,  trade secrets or other  intellectual

<PAGE>

property relating to the Partnership,  in each case excluding (A) information in
the public  domain when  received by such  Partner or  thereafter  in the public
domain  through  sources  other  than such  Partner,  (B)  information  lawfully
received by such  Partner  from a third  party not subject to a  confidentiality
obligation and (C)  information  developed  independently  by such Partner.  The
obligations  of the  Partners  hereunder  shall not apply to the extent that the
disclosure of information otherwise determined to be confidential is required by
applicable law,  provided,  however,  that prior to disclosing such confidential
information  to any  party  other  than a  governmental  agency  exercising  its
ordinary  regulatory  oversight  of  a  Partner,  a  Partner  shall  notify  the
Partnership  thereof,  which  notice  shall  include  the basis  upon which such
Partner believes the information is required to be disclosed.  This Section 13.3
shall  survive  for a period of four years  with  respect  to any  Partner  that
withdraws  from  the  Partnership  and,  with  respect  to  any  dissolution  or
termination  of the  Partnership  pursuant to Article X hereof,  for a period of
time agreed by the all of Partners.

     13.4 ENTIRE AGREEMENT, ETC. This Agreement,  together with the Contribution
Agreement,  constitutes  the entire  agreement  among all of the parties  hereto
relating  to the  subject  matter  hereof and  supersedes  all prior  contracts,
agreements  and  understandings  among all of them. No course of prior  dealings
among all of the parties  shall be relevant  to  supplement  or explain any term
used in the  Agreement.  Acceptance or  acquiescence  in a course of performance
rendered under this Agreement  shall not be relevant to determine the meaning of
this Agreement even though the accepting or the acquiescing  party has knowledge
of the nature of the performance and an opportunity for objection.  All waivers,
amendments and modifications of this Agreement must be in writing, executed by a
duly  authorized  officer of the party against whom  enforcement  of any waiver,
modification or consent is sought.  No waiver of any terms or conditions of this
Agreement  in one  instance  shall  operate  as a waiver  of any  other  term or
condition or as a waiver in any other instance.

     13.5 CONSTRUCTION PRINCIPLES. As used in this Agreement words in any gender
shall be deemed to include all other  genders.  The singular  shall be deemed to
include the plural and vice versa. The captions and article and section headings
in this  Agreement are inserted for  convenience  of reference  only and are not
intended to have  significance for the  interpretation of or construction of the
provisions of this Agreement.

     13.6 COUNTERPARTS.   This   Agreement  may  be  executed  in  two  or  more
counterparts  by the parties  hereto,  each of which when so executed will be an
original, but all of which together will constitute one and the same instrument.

     13.7 SEVERABILITY. If any provision of this Agreement is held to be invalid
or  unenforceable  for any reason,  such  provision  shall be ineffective to the
extent of such  invalidity  or  unenforceability;  provided,  however,  that the
remaining  provisions  will  continue in full force  without  being  impaired or
invalidated in any way unless such invalid or unenforceable  provision or clause
shall be so  significant  as to  materially  affect  the  parties'  expectations

<PAGE>

regarding  this  Agreement.  Otherwise,  the parties hereto agree to replace any
invalid or  unenforceable  provision with a valid  provision  which most closely
approximates  the intent and  economic  effect of the  invalid or  unenforceable
provision.

     13.8 EXPENSES.  The Initial Partners each agree to bear their own costs for
all matters  involved in the  negotiation,  execution  and  performance  of this
Agreement and related transactions unless otherwise specified herein.

     13.9 GOVERNING  LAW  AND  VENUE.  The  validity  and  construction  of this
Agreement  shall be governed by the  internal  laws (and not the  principles  of
conflict of laws) of the State of Delaware.  Subject to the  provisions  of this
Agreement  with  respect to the  resolution  by the  parties  hereto of disputes
hereunder  pursuant  to the  mediation  provisions  herein set forth,  any legal
action or proceeding with respect to this Agreement may be brought in the courts
of the State of Delaware and, by execution and delivery of this Agreement,  each
of the parties  hereto hereby accepts for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. Each of
the parties hereto hereby waives,  and agrees not to assert, as a defense in any
action,  suit  or  proceeding  for the  interpretation  or  enforcement  of this
Agreement,  that  it is not  subject  thereto  or  that  such  action,  suit  or
proceeding may not be brought or is not maintainable in said courts or that this
Agreement  may not be  enforced  in or by said  courts or that its  property  is
exempt or immune from execution,  that the suit, action or proceeding is brought
in an inconvenient  forum,  that the venue of the suit,  action or proceeding is
improper or (provided that process shall be served in any manner  referred to in
the following  sentence) that service of process upon such party is ineffective.
Each of the parties  hereto  agrees that  service of process in any such action,
suit or proceeding against it with respect to this Agreement may be made upon it
in any manner permitted by the laws of the State of Delaware or the federal laws
of the United States or as follows:  (i) by personal  service or by certified or
registered mail to the party's  designated agent for such service in such state,
or (ii) by certified or registered mail to the party at its address set forth in
Schedule  13.2  herein.  Service of process  in any  manner  referred  to in the
preceding  sentence  shall be deemed,  in every  respect,  effective  service of
process upon such party.

     13.10 BINDING EFFECT.  Subject to the provisions of this Agreement relating
to  transferability,  this  Agreement  shall be binding  upon,  and inure to the
benefit of, the Partners and their  respective  permitted  distributees,  heirs,
successors and assigns.

     13.11 ADDITIONAL  DOCUMENTS  AND ACTS.  Each Partner  agrees to execute and
deliver such additional documents and instruments and to perform such additional
acts as may be necessary or appropriate to effectuate, carry out and perform all
of  the  terms,  provisions,  and  conditions  of  this  Agreement  and  of  the
transactions contemplated hereby.

<PAGE>

     13.12 NO THIRD PARTY  BENEFICIARY.  This  Agreement  is made solely for the
benefit  of  the  parties  hereto  and  their  permitted  distributees,   heirs,
successors and assigns and no other person shall have any rights,  interest,  or
claims hereunder or otherwise be entitled to any benefits under or on account of
this Agreement as a third party beneficiary or otherwise.

     13.13 WAIVER OF JURY TRIAL.  Each of the parties hereto hereby waives trial
by jury in any action,  proceeding or  counterclaim  brought by or against it on
any  matters  whatsoever  arising  out  of or in any  way  connected  with  this
Agreement.

<PAGE>

IN WITNESS  WHEREOF,  each Partner has duly  executed  this Amended and Restated
Partnership Agreement as of the date set forth above.

                                     GANNETT TEXAS L.P.

                                     By:  Gannett Satellite Information Network,
                                          Inc.
                                          Its General Partner

                                     By:  /S/ DANIEL S. EHRMAN, JR.
                                        ----------------------------------------
                                          Daniel S. Ehrman, Jr.
                                          Authorized Representative

                                     NEW MEXICO-TEXAS MEDIANEWS LLC

                                     By:  /S/ RONALD A. MAYO
                                        ----------------------------------------
                                          Ronald A. Mayo
                                          Vice President and Chief Financial
                                          Officer

<PAGE>

                                 SCHEDULE 13.2

                             ADDRESSES FOR NOTICES

GANNETT

Gannett Texas L.P.
c/o Gannett Co., Inc.
7950 Jones Branch Drive
McLean, VA 22107
Attn: Daniel S. Ehrman, Jr.
Fax No.: (703) 854-2042

with a copy to:

Gannett Co., Inc.
7950 Jones Branch Drive
McLean, VA 22107
Attn: Thomas L. Chapple, Esq.
Fax No.: (703) 854-2035

MEDIANEWS

New Mexico-Texas MediaNews LLC
c/o MediaNews Group, Inc.
1560 Broadway, Suite 2100
Denver, CO 80202
Attn:  Joseph J. Lodovic, IV, President
Fax No.: (303) 894-9327

with a copy to:

Howell E. Begle, Jr.
Hughes Hubbard & Reed LLP
1775 I Street, NW, Suite 600
Washington, DC 20006
Fax No.: (202) 721-4646

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