Wednesday, April 1, 2009

The Huffington Post acquires the New York Times

Because it only happens once a year:

The Huffington Post today announced that it has acquired a majority stake in the New York Times Company.

The price of the acquisition was not disclosed, but is believed to have been facilitated with the help of Mexican billionaire Carlos Slim, a major investor in the company. Slim will maintain a minority ownership stake, and under the deal obtained ownership of the physical assets of the group, including outright ownership of radio station WQXR-FM.

Huffington Post founder Arianna Huffington said in a statement that the New York Times would cease print publication on Friday, after which it would become an internet only publication.

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