Washington Times Sold For a Buck?

The paper may sell to a Unification Church-affiliated buyer for $1

Wednesday, Sep 1, 2010  |  Updated 8:46 AM EDT
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Washington Times Sold For a Buck?

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Washington Times Building

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What can you buy for a buck?  A candy bar, a can of soda… the Washington Times

No, not just one paper; we’re talking about the entire company.

A memo from an adviser to the company that currently owns The Washington Times says the paper could be sold for $1 to a Unification Church-affiliated buyer.

Michael Marshall's memo says the preliminary agreement would essentially transfer the paper from a company controlled by Preston Moon, the son of Unification Church leader and the newspaper's founder Rev. Sun Myung Moon, to a firm headed by one of the elder Moon's allies.

News World Communications is also asking Delaware-based News World Media Development to assume the paper's financial and legal obligations to its employees and creditors in the tentative deal.  The deal is subject to a 30-day due diligence period.

The newspaper has been struggling financially, cutting roughly 40 percent of its staff this year and eliminating its sports section.

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