Wednesday, February 4, 2009

Hearst won't buy Times; uncertain about Web-only P-I

The Hearst Corp., which owns the Seattle P-I, restated Wednesday that it has no intention of buying the financially troubled Seattle Times, adding that if it turns the P-I into an online-only publication -- a decision it still hasn't made -- it will do so outside the Joint Operating Agreement, a contract binding the two papers for more than two decades.

In response to three questions sent to Hearst on Monday by advocacy group The Committee for a Two-Newspaper Town, Hearst general counsel Eve Burton wrote in an e-mail that Hearst won't make the last of 10 $1 million payments owed to The Seattle Times Co. to maintain Hearst's right of first purchase.

}}} full story {{{

No comments: