Executive editor says deal underway to sell financially troubled Washington TimesBy AP
Tuesday, August 24, 2010
Editor: Deal in works to sell The Washington Times
WASHINGTON — The executive editor of The Washington Times says the owner of the financially-troubled newspaper has reached a preliminary agreement to sell the paper to a company affiliated with the Unification Church.
Sam Dealey said late Tuesday that the deal is subject to a 30-day due diligence period. The sale to News World Media Development will be finalized after that if all parties still agree.
Dealey called the agreement a “welcome development,” and praised the newspaper’s staff.
The conservative newspaper has struggled to stay afloat financially, cutting roughly 40 percent of its staff this year and eliminating its sports section. Dealey says the newspaper’s circulation is roughly 40,000.
The paper was founded in 1982 by Unification Church leader Rev. Sun Myung Moon. His son currently owns the paper.
Dealey said he couldn’t comment on the financial details of the proposed deal.
Church spokesman Ahn Ho-yeul said he had no knowledge of a preliminary deal.