Deal Being Negotiated To Sell Washington Times
August 25, 2010
(ChattahBox) – The Washington Times has settled a preliminary deal that would see it being sold to a company affiliated with the Unification Church, a religious sector that were originally affiliated with the conservative paper, RAW reports.
Sam Dealey, the executive editor, says that this is welcome news for the newspaper, which has been struggling financially in the same way that many others have since the primary media format moved to online news. Already 40,000 staff members have been cut, and the sports section has been eliminated entirely.
But even these changes were not enough to keep the paper afloat, which is facing massive debt and sales that have been decreasing more and more by the year.
There is a 30-day due diligence period, after which the final details of the sale will be announced.