Word: trib
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...year-old New York Herald Tribune, tradition-proud, independent Republican and ailing, passed last week from the patrician hands of the Reid family, its owners for 85 years. For the announcement, the Reids gathered in a seventh-floor office of the Trib's Manhattan building on dingy West 41st Street: tiny, doughty Helen Rogers Reid, 75, who ran the paper from the 1947 death of her husband Ogden Mills Reid until 1955, and her sons Whitelaw, 45, and Ogden, 33, who thereafter worked mightily to cure its ills. "This is a development," said boyish Ogden ("Brownie") Reid, "that...
...sale of the Trib was a poignant episode for the Reids. The first Whitelaw Reid bought the Tribune in 1873, after the death of Founder Horace Greeley; his son Ogden combined it with the remnants of James Gordon Bennett's racy Herald in 1924. But the credentials of the new buyer softened the blow. He is John Hay ("Jock") Whitney, financier, sportsman, diplomat, art collector, lifetime friend of the Reids and possessor of more than $100 million. "We are happy about it," said Brownie Reid, his arm around his mother. "I think it is a fine step," said...
Eminent Domain. By buying the Trib, fast-moving Jock Whitney stepped into the major league of U.S. publishers. A month ago he dealt off just under $7,000,000, added the prosperous Sunday supplement Parade to a communications domain that spans four TV stations, interests in the magazines Scientific American and Interior Design, two radio stations, the Great Northern Paper Co. The Trib purchase was no surprise. A year ago, Jock Whitney lent the Reids $1,200,000 with an option to convert the loan to stock. By the conversion, and the purchase of an unspecified number of additional shares...
Last week the Trib's pressagent, Tex McCrary of TV-radio fame, admitted that at its present rate the Trib stood to lose $1,000,000 in the fiscal year ending in July 1959, conceded that Jock Whitney, his wartime friend and peacetime neighbor (Manhasset, L.I.), was considering taking over controlling interest in the Trib as a price for his help...
...deal, Ambassador Whitney got an option to convert his original loan into stock. By exercising the option, says McCrary, and investing another $2,000,000 in the company, Whitney can get 60% control. An estimated $2,000,000 more will be needed to pay off debts and put the Trib on a sound operating basis. McCrary is certain Whitney will buy in ("Jock's a stayer"). But Reid shrugged off questions with "You'll have to ask Mr. Whitney." and in London, Whitney would say only: "My interest in the Herald Tribune is continuing. Further talks are going...