Loading ...
Sorry, an error occurred while loading the content.
 

Unification Church Puts Washington Times Up For Sale

Expand Messages
  • NHNE Wavemaker List
    NHNE Wavemaker News List Current Members: 519 See all the NHNE news you are missing: http://bit.ly/afCLPo http://twitter.com/sunfellow Subscribe / unsubscribe
    Message 1 of 1 , May 2, 2010
      NHNE Wavemaker News List
      Current Members: 519

      See all the NHNE news you are missing:
      http://bit.ly/afCLPo
      http://twitter.com/sunfellow

      Subscribe / unsubscribe / important links at the bottom of this message.

      ------------

      UNIFICATION CHURCH WILL PUT WASHINGTON TIMES UP FOR SALE
      By Ian Shapira
      Washington Post
      Saturday, May 1, 2010

      http://www.washingtonpost.com/wp-dyn/content/article/2010/04/30/AR2010043002
      043.html

      Washington Times executives are negotiating to sell the newspaper, after the
      Rev. Sun Myung Moon's family cut off most of the annual subsidy of about $35
      million that has kept the Unification Church-backed paper afloat, company
      officials said.

      Nicholas Chiaia, a member of the paper's two-man board of directors and
      president of the church-supported United Press International wire service,
      confirmed that the paper is actively on the market: "We recently entered
      into discussions with a number of parties interested in either purchasing or
      partnering with the Washington Times," he said in a statement to The
      Washington Post.

      Current and former Times officials said one suitor has been the paper's
      former executive editor, John Solomon, who resigned in November 2009. Soon
      thereafter, they said, Solomon organized a group of investors to purchase
      the Times or launch a new multimedia outlet called The Washington Guardian.
      Times company officials said they are also in discussions with other
      potential investors.

      Solomon, a former Washington Post reporter, declined to comment.

      The negotiations follow months of turmoil at both the 28-year-old
      conservative daily and the business empire founded by Moon, 90, whose
      children are jostling for control over the church's myriad enterprises,
      which range from fisheries to arms manufacturing.

      One of Moon's children, Justin Moon, who was chosen by his father to run
      many of the church's Asian businesses, has slashed the newspaper's annual
      subsidy, forcing the paper's executives, led by Moon's eldest son, Preston
      Moon, to search for deep pockets elsewhere. Meanwhile, the newspaper has
      hacked its newsroom staff by more than half, from 225 in 2002 down to about
      70 people, raised the paper's price and deliberately shrunk its circulation
      to cut costs, shed its metro and sports sections, and fired or pushed out
      several top executives, including its publisher earlier this week. Several
      reporters said most of the staffers are seeking to leave.

      The finances are so tight that the newspaper hasn't paid some of its bills
      or tended to basic maintenance issues -- such as hiring an exterminator to
      deal with mice and snakes sneaking into the building on New York Avenue in
      Northeast.

      "The feeling everyone feels is that it's a totally rudderless ship," said
      Julia Duin, the paper's longtime religion reporter. "Nobody knows who's
      running it. Is it the board of directors? We don't know. There was a
      three-foot-long black snake in the main conference room the other day. We
      have snakes in the newsroom -- the real live variety, at least. One of the
      security people gallantly removed it."

      Times editor Sam Dealey declined comment. Chiaia said he could not be
      interviewed until next week. (The paper's other director, Richard Wojcik,
      did not return a call.) In a written statement, Chiaia said the effort to
      sell the Times is "part of a strategic effort to ensure that the newspaper
      remains sustainable." He argued that the paper's struggles are no different
      from those of other news organizations and the Times "has improved its
      bottom line, compared to its position in November 2009, by around 50
      percent."

      The paper, however, has been struggling to pay off millions of dollars in
      debt, according to current and former Times executives who asked not to be
      named because they feared lawsuits or retaliation from their bosses.

      The Times' circulation is also unclear. The paper stopped reporting to the
      Audit Bureau of Circulation in 2008, when the paper had circulation of
      86,710 copies on weekdays and 37,259 on Sundays. (Chiaia said the Times, now
      published only on weekdays, has a circulation of 50,000, but Times
      executives said it's about 42,000, with fewer than 25,000 home subscribers.)

      Justin Moon's move last July to slash the family's subsidy to the Times --
      Rev. Moon has pumped about $2 billion into the paper since its founding in
      1982, according to current and former employees -- occurred as part of a
      feud among the church founder's children. Last year, Preston and his younger
      brother Sean Moon issued memos claiming power over various portions of their
      father's global business empire.

      Sapped of its major funding, Preston Moon last year ordered Times
      executives, led by then-president and publisher Thomas McDevitt, to make
      massive cuts. In November, McDevitt and two other executives were ousted.
      McDevitt declined to comment.

      Since leaving the Times, Solomon, who helps produce Energy Guardian, a news
      service that reports on environmental and energy issues, has sought to buy
      the Times or start his own paper, according to Times officials.

      Solomon tried to team with McDevitt and a group of investors to buy the
      Times, according to a senior-level Times official. But that group collapsed.

      Solomon found another group of investors and approached the Times late last
      year about buying the paper, a senior Times official said. The offer was
      rejected as insufficient; Preston Moon told associates he would likely
      accept a bid between $10 million and $15 million, the official said. A
      Unification Church spokesman did not respond to a request for comment.

      ............

      NHNE On Sun Myung Moon:
      http://www.nhne.org/tabid/444/Default.aspx

      ------------

      NHNE Wavemaker News List:

      Send Some Green Love To NHNE:
      http://www.nhne.org/DONATE/tabid/398/Default.aspx

      To subscribe, send a message to:
      nhnenews-subscribe@yahoogroups.com

      To unsubscribe, send a message to:
      nhnenews-unsubscribe@yahoogroups.com

      To review current posts:
      http://groups.yahoo.com/group/nhnenews/messages
      http://www.nhne.org/tabid/1044/Default.aspx

      NHNE's Mother Ship:
      http://www.nhne.org/

      NHNE on Facebook:
      http://www.facebook.com/newheavennewearth

      NHNE Pulse:
      http://nhne-pulse.org/

      Integral NHNE:
      http://integralnhne.ning.com/

      Published by David Sunfellow
      NewHeavenNewEarth (NHNE)
      eMail: nhne@...
      Phone: (928) 257-3200
      Fax: (815) 642-0117

      P.O. Box 2242
      Sedona, AZ 86339
    Your message has been successfully submitted and would be delivered to recipients shortly.