Word: allbritton
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Dates: during 1970-1979
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Time Inc., which had bought the Star last February from Texas Financier Joe L. Allbritton, found the paper's condition to be shakier than anticipated. The Star was $10 million in the red in 1978, and losses of $16 million were projected for 1979. Last October the Star's management announced that Time Inc. would commit $60 million to a five-year program aimed at making the paper profitable, but only under a condition: the paper's eleven unions had to replace their unexpired contracts with new five-year agreements allowing management greater flexibility and to take...
...described by the Daily Mail, the department in 1976 "loaned" $11.5 million from the slush fund to Michigan Publisher John P. McGoff, who is co-owner with Eschel Rhoodie and Mulder of a large farm in the Transvaal, to finance a $26.3 million offer for the paper. Joe Allbritton, the Texan who owned the newspaper from 1974 until he sold it to Time Inc. this year, denies that McGoff ever approached him. McGoff, whose Panax Corp. publishing company acknowledges bidding for the Star before Allbritton bought it, has denounced the Daily Mail story about a South African loan as "utter...
...Allbritton, the feisty Texas tycoon who bought the paper in 1974, pumped in millions of his own money to keep it afloat. Allbritton had planned to stay on as the Star's publisher for at least five years. However, last month he decided to leave the paper, to avoid possible conflict of interest problems over his ownership of WJLA-TV, a lucrative (estimated value: $100 million) local ABC affiliate that is up for license renewal with...
...Star had been without an editor since last November, when able James G. Bellows, 55, went to the Los Angeles Herald-Examiner. Bellows had begun an energetic program of editorial rebuilding, but was convinced that Allbritton's austerity moves, which had brought the paper back to near the break-even point, were blocking his efforts. Indeed, the work of both men had greatly strengthened the Star, but, says a Star staffer, "we've been rudderless since Bellows left...
...household incomes ($28,611 a year), the capital had for a time been in danger of becoming a one-newspaper town. Long Washington's leading daily, the afternoon Star two decades ago began slipping behind the aggressive morning Post in both circulation and advertising revenues. When sold to Allbritton in 1974, the Star's losses were close to $8 million. Allbritton installed tighter financial controls, trimmed the staff by about a third, persuaded the paper's unions to accept a reduced work week and a pay freeze, and hired Jim Bellows away from the Los Angeles Times...