Word: allbritton
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When Joe L. Allbritton purchased the long-suffering Washington (D.C.) Star in 1974 from the families that had owned the afternoon paper for most of its 125 years, he had no illusions about what lay ahead. "Financially, the Star was on the ropes, and its morale was low," the Texas banker recalls. "Readers and businessmen viewed the Star with the sad concern one feels for a dying friend...
Though he had no experience in publishing, Allbritton set energetically to work on the resuscitation of the paper, no easy task considering that his competition in town was the Washington Post...
...Star endured $30 million in losses before Allbritton last year edged it to with in a few picas of profitability. But finally, Allbritton concluded, he could not continue to do it alone...
...sale, effective Feb. 19 and subject to approval by directors of both companies, was first proposed a year ago by Allbritton to Time Inc. President James R. Shepley. Under the agreement reached last week, Allbritton will stay on as publisher, Time Inc. will be represented on the Star's board and will assume $8 million in Star debts. Allbritton will continue to run the paper and set its editorial policy with, he said, the help of Time Inc.'s "publishing, promotional, advertising and editorial strength." He added: "If my resources made it possible for the Star to survive...
Bellows has not disclosed his other plans for reviving the Herald-Examiner. "It's an even bigger challenge than the Star," he says. There were many at the Star who were sorry he had accepted that challenge. Among them was Joe Allbritton, who said last week: "If Bellows walked in the door right now and said he'd changed his mind, he could still be editor of the Star...