Washington Times Newspaper Sold For A Dollar

By on Nov 3, 2010 in Business, Economy, Finance, United States, World Comments

The Washington Times newspaper was reported that has been sold for only $1 to a group operating on behalf of the paper’s founder, the Rev. Sun Myung Moon.

According to international reports, the deal was closed last Monday evening after several months of arguments. The sale was confirmed by Sam Dealey, executive editor of The Washington Times.

Quoted from The Washington Times website,”The selling price was $1, plus assumption of liabilities, which the new owners said will be paid from an escrow account.”

As reported by international websites, the downturn in advertising affected The Washington Times which caused the depletion of its main source of income in recent years. The down slide started when the internet attracted more readers and marketers and it became worse when the U.S. economy collapsed into a deep recession that lasted from December 2007 through June 2009.

On its website Tuesday story “Moon group buys The Washington Times“, it was stated that the new owners promised that the paper will continue to provide a powerful voice in current affairs.

“We’ll continue to keep the highest standard in journalistic excellence in this leading democratic country that upholds the values of freedom, faith, family and service,” Douglas D.M. Joo said, former chairman of The Washington Times that has been reinstated by the new owner.

Meanwhile, the incoming president of The Times Mr. Thomas McDevitt said, the organization will likely expand into radio and will broaden its presence on the Web.

“The opportunity nationwide is growing, even in the past year or two, for a nationwide audience,” Mr. McDevitt said.

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