Tags: US | Washington | Times | Sale

Editor: Deal in Works to Sell the Washington Times

Wednesday, 25 Aug 2010 09:29 AM

The executive editor of The Washington Times says the owner of the financially-troubled newspaper has reached a preliminary agreement to sell the paper to a company affiliated with the Unification Church.

Sam Dealey said late Tuesday that the deal is subject to a 30-day due diligence period. The sale to News World Media Development will be finalized after that if all parties still agree.

Dealey called the agreement a "welcome development," and praised the newspaper's staff.

The conservative newspaper has struggled to stay afloat financially, cutting roughly 40 percent of its staff this year and eliminating its sports section. Dealey says the newspaper's circulation is roughly 40,000.

The paper was founded in 1982 by Unification Church leader Rev. Sun Myung Moon. His son currently owns the paper.

Dealey said he couldn't comment on the financial details of the proposed deal.

Church spokesman Ahn Ho-yeul said he had no knowledge of a preliminary deal.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
The executive editor of The Washington Times says the owner of the financially-troubled newspaper has reached a preliminary agreement to sell the paper to a company affiliated with the Unification Church.Sam Dealey said late Tuesday that the deal is subject to a 30-day due...
US,Washington,Times,Sale
153
2010-29-25
Wednesday, 25 Aug 2010 09:29 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved