Word: munro
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SAKI: A LIFE OF HECTOR HUGH MUNRO by A.J. Langguth; Simon & Schuster; 366 pages...
...vitally important that the greater Washington area continue to have the services of two strong newspapers." But last week, after an expenditure of $85 million and after-tax losses of $35 million, the company admitted it could no longer postpone the inevitable. Said Time Inc. President J. Richard Munro: "Despite our substantial investment, the newspaper continues to lose money and shows no prospect of a turnaround. Regrettably, we feel we have no choice but to close...
Time Inc. executives were satisfied that they had given the Star their "best shot," as Munro put it. The paper recruited top talent, including Denver Post Cartoonist Pat Oliphant and Washington Post Writer Judy Bachrach, added a second op-ed page and started a morning edition. National and international coverage -long a weak point-were bolstered with the worldwide resources of the Time-Life News Service. Five new community editions broadened the metropolitan coverage. Under Editor Murray J. Gart, 56, former chief of the Time-Life News Service, the Star stressed hard news and straightforward reporting over fancy writing...
More important than its troubles in the afternoon, the Star could not buck the deeply entrenched Washington Post. Acknowledged Munro: "We were either naive enough or unrealistic enough to think we could come in and steal some of the market share from one of the most powerful newspapers in the country." Throughout Time Inc.'s ownership, the Post was able to hold on to 75% of the city's newspaper advertising. In tight economic times, advertisers cling to the dominant paper. Says Chicago Sun-Times Publisher Jim Hoge, who tried and failed to save that city...
...Time Inc. had made a commitment to spend $60 million over five years but decided to fold the paper after only 3½ Time Inc. executives point out that the $60 million unfortunately ran out well ahead of schedule, and feel the company more than met its commitment. Said Munro: "We came down here with our head held high and we're leaving with our head held high. We did a hell of a job. It didn't work...