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Posted at 10:49 AM ET, 11/ 2/2010

Washington Times sold to former execs

By Washington Post editors

A group of fired Washington Times executives, led by the paper's founder and Unification Church patriarch Rev. Sun Myung Moon, has purchased the 28-year-old conservative newspaper from Moon's eldest son, saving it from a shutdown, according to a Times source.

Just four years ago, Rev. Moon had handed control of the paper to his eldest living son, Preston Moon, but now the church movement's leader and his team of executives are buying it back, in a deal meant to save the chief symbol of Rev. Moon's political legacy.

Members of the Times newsroom have an 11 a.m. meeting to discuss the sale, which was first reported this morning by Politico.

This summer, the newspaper's executives agreed to sell the broadsheet for one dollar and the assumption of millions of dollars in debt and liabilities, but have spent the last two months jostling over the sale's terms. The deal's completion marks the end of a tense two months of brinkmanship in which sources said Preston Moon came very close to closing the paper.

In the last two years, the Times's circulation has plummeted from 87,000 copies to about 40,000, and executives killed the sports and metro sections.

Stay with Postlocal.com for more on this story.

-- Ian Shapira

By Washington Post editors  | November 2, 2010; 10:49 AM ET
Categories:  DC  
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Comments

You're wasting your time and money.

Posted by: jckdoors | November 2, 2010 11:49 AM | Report abuse

This is a pure ego trip by Moon. The Times has bled cash since day one. Moon has reportedly lost over $1 billion running the Times.

Posted by: buffysummers | November 2, 2010 12:00 PM | Report abuse


US$1.00 is too much for that rag. No metro? No sports? Just moonyisms?


Posted by: mortified469 | November 2, 2010 12:45 PM | Report abuse

As an aside, the two employees were identified today as "washroom executives," and they had to pony up three combs and a bottle of Aqua Buddha as well.

Posted by: RogerRamjet2 | November 2, 2010 12:52 PM | Report abuse

im surprized they still manage to move 40,000 copies. Although probably 39,900 go to church members and 100 to unsuspecting tourists.

Posted by: MarilynManson | November 2, 2010 1:12 PM | Report abuse

The Washington Times !?!?!?!?!

What a waste of money and time . . . $1.00 is way too much for that crap!

They'll be out of business soon enough!

Posted by: TheChampishere | November 2, 2010 1:24 PM | Report abuse

I once said I wouldn't give $1.98 and a pack of Nabs for the Washington Times. Little did I know that bid would be too high!

Posted by: jcbcmb68 | November 2, 2010 10:43 PM | Report abuse

The comments to this entry are closed.

 
 
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