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Article: Washington Post agrees to sell stake in Herald Tribune to New York Times
- Article from:
- AP Worldstream
- Article date:
- October 22, 2002
- Author:
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Dateline: PARIS
The Washington Post signed a letter of intent to sell its 50 percent
stake in the Paris-based International Herald Tribune to the current
joint owner, The New York Times, the Tribune's executive editor said
Tuesday.
Ownership will be transferred by the end of the year or early next
year, Herald Tribune executive editor David Ignatius said. Currently,
both the Post and the Times own a 50 percent stake in the 115-year-
old paper.
In the past two years, the Herald Tribune's revenue was hit by the
global advertising slowdown. At the same time, the Times saw an opportunity
to build its international reputation, Ignatius said.
"We think that rather than ...