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...tower that he is building, joked on the telephone to friends last week that he can now afford lunch only at "some place with a takeout counter." The reason: Zuckerman, 47, has agreed to pay $182.5 million in cash to acquire the parent company of U.S. News & World Report (circ. 2.1 million), a purchase that will vault him into the major leagues of American journalism. He will be the sole owner of the magazine, a conservative, no-nonsense weekly that emphasizes politics and the economy. Although he assured the staff that he would sustain the tradition that has built...
...prides itself on a down-home flavor virtually devoid of literary flourishes and serves a predominantly Midwest and Sunbelt audience. Founded as a daily national newspaper in 1926 by David Lawrence, a syndicated columnist, it evolved into its present format after World War II. In contrast to TIME (U.S. circ. 4.6 million) and Newsweek (U.S. circ. 3 million), U.S. News downplays reportage of a week's events in favor of analysis of their impact on readers and gives scant, though increasing, attention to technology, culture and lifestyles...
There will be considerable tension on June 30, the date by which the government must come up with $1.6 billion in foreign-debt payments. Quips Máximo Gainza, director of the right-wing La Prensa (circ. 50,000): "Our external debt is becoming an eternal debt...
...time for a feast," So declared New York Lawyer Floyd Abrams last week after the Supreme Court handed the U.S. press its first major libel victory in more than a decade. The case involved Consumers Union, the publisher of the product-rating magazine Consumer Reports (estimated circ. 3 million). The nonprofit organization had lost a $210,000 libel judgment to Bose Corp., a Massachusetts electronics manufacturer, for a 1970 article that criticized one of the firm's loudspeakers. A federal appeals court overturned the award in November 1982. The Supreme Court upheld that decision...
...most enterprising is Florida's Fort Myers News-Press (circ. 64,200), which sends its reporters on what it calls "guerrilla raids" into the news territories of bigger papers-to cover racial unrest in Miami, for example, or terrorism in Central America. News-Press investigative reports led to the cancellation of a $1 million road-and-bridge project that would have benefited only the developer of a proposed housing tract, and to the conviction of a county commissioner for accepting a bribe in the form of services from prostitutes. News-Press editors provide crisp color and clear maps...