Word: mckinnon
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...McKINNON...
When Clinton D. McKinnon, a successful San Diego publisher and businessman, bought the debt-ridden Los Angeles Daily News a year ago, he cheerily admitted that his main objective was to "push the undertaker away from the door." The task was harder than McKinnon realized. In Los Angeles, where five dailies battle for circulation, former Democratic Congressman McKinnon hoped to win readers with the only paper that "reflected the policies of the Democratic Party." But this week the undertaker came in the door...
Unable to pay $90,000 in wages to his 600 employees, McKinnon shut down the 31-year-old News. He sold its name and many of its features and circulation lists to Publisher Norman Chandler of the Los Angeles Times and Mirror. The price was only enough for the News to pay back wages and back federal taxes. McKinnon had expected to get $500,000 in new money from a group headed by Robert K. Straus, a member of the family that controls R. H. Macy (TIME, Nov. 8). But last week Straus and his group backed...
...Angeles Daily News seemed on its deathbed ten months ago when former Democratic Congressman Clinton D. McKinnon bought the paper (TIME, Jan. 4). It was about $2,000,000 in debt and losing at the rate of $1,500,000 a year. McKinnon set out to woo "militantly Democratic readers," pepped up the writing and reporting and aggressively went after new advertising. He succeeded in cutting the daily losses of the News from $4,600 to less than $1,000 a day. But McKinnon's remedies were not enough...
Last week the News got the kind of medicine it needs most. McKinnon announced that Robert K. Straus, a member of the family that controls R. H. Macy & Co., heads a group that is planning to help finance the News-by putting an estimated $500,000 into the paper. A New Dealer and lifelong Democrat, Straus, like McKinnon, wanted to come to the aid of the only Democratic daily in Los Angeles. His investment is as much an act of political devotion as a way to make money in the newspaper business. Buying into the News, says Straus candidly...