The Words of the Joo Family
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The Words of the Joo Family |
WASHINGTON (AP) -- The Washington Times, one of many ailing newspapers, has been sold for a $1 to a group backed by its founder, Unification Church leader Rev. Sun Myung Moon.
The deal closed late Monday after months of wrangling, according to a story published Tuesday on newspaper's website. Sam Dealey, executive editor of The Washington Times, confirmed the sale with The Associated Press.
Preston Moon, the oldest son of Rev. Sun Myung Moon, had been running the newspaper since his father turned it over to him four years ago.
The elder Moon's group also will take on the newspaper's liabilities. The new ownership will bring back executives that had been ousted last year: former chairman Doug Joo and former publisher Thomas P. McDevitt.
Like many newspapers, The Washington Times has been hard hit by a downturn in advertising that has depleted its main source of income in recent years. The slump began as the Internet attracted more readers and marketers and became worse as the U.S. economy collapsed into a deep recession that lasted from December 2007 through June 2009.
To cope, The Washington Times has cut about 40 percent of its staff this year and eliminated its sport section.
A preliminary deal to sell the 28-year-old newspaper was announced in August, but delays in closing the deal raised fears that it might shut down instead.
The new ownership group appears confident that it can revive The Washington Times.
In Tuesday's story on the newspaper's website, Joo and McDevitt vowed to attract more subscribers while expanding The Washington Times' activity on the radio and Internet.
"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," Joo said in The Washington Times' story.