Word: newsdays
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When word of the imminent sale of Long Island's Newsday first leaked to the press (TIME, March 23), the main opposition came from six minority stockholders (49%), all heirs of the late Alicia Patterson Guggenheim. Emotionally committed to Alicia Patterson's strong sense of local identity and control, they were not eager to submit to absentee landlordship. Last week the majority stockholder (51%), Captain Harry Guggenheim, announced that he had indeed sold, for a reported $33 million. "I believe," said the Captain, that the sale "will assure the independence of Newsday." Said Joseph Albright...
...force behind the paper for two decades following its founding in a converted garage in 1940 on $50,000. Despite her efforts to gain control of the paper in an increasingly hostile marriage, the Captain would never yield to her the all-important 2% of the stock. Newsday is now among the nation's leaders in advertising carried, and is first in circulation (440,000) among suburban dailies...
Other questions: Will the heirs now sell their remaining 49% to the West Coast publishing giant? Answer: Not likely, at least for some time. Question: Will Newsday's new owners bring the paper into Manhattan to compete against the only afternoon daily, the New York Post? Answer: "Good Lord, no!" says L.A. Times Publisher Otis Chandler. "Why in heaven's name would you want to involve it in city problems?" Question: Will Moyers, who has said that he will work only for a "genuinely independent" newspaper (and who harbors keen political ambitions), stay on as publisher? Answer: Probably...
...Newsday's Garden City plant, where reporters had signed a petition protesting the sale, the news arrived quietly. An editor walked almost unnoticed through the city room with a single sheet of white paper in his hand and tacked it on the bulletin board. Gradually, employees sauntered up for a look and shook their heads. No committed craftsman yields easily to change. "There's no great wailing and gnashing of teeth," said a reporter, "but there is no joy in Newsday tonight...
...coast-to-coast media merger were not enough, there were reports at week's end that the New York Times, which gave the Los Angeles Times-Newsday story front-page play, was talking to the Hearst Corp. about purchasing the strike-troubled Los Angeles Herald-Examiner. New York Times Publisher Arthur Ochs ("Punch") Sulzberger was not available for comment...