By: Joel Davis
Hearst Extends Deadline For Sale Of Paper
The deadline for the sale of the San Francisco Examiner has been
extended while the Hearst Corp. further entertains ‘interest’ in the
New York-based Hearst said in a statement yesterday it had not made a
decision to sell or close the 112-year-old afternoon daily. ‘On Jan.
25, the Hearst Corp. announced it would expand the package of assets it
offered for sale in connection with its effort to find a buyer for the
San Francisco Examiner ,’ the statement said. ‘As of today, Feb. 15,
Hearst has received several indications of interest regarding the
possible purchase of the newspaper. We are presently engaged in the
process of reviewing and evaluating proposals and have no official
announcement at this time.’
Hearst would not say who made the proposals or what they involve.
Hearst agreed to pay a reported $660 million for the San Francisco
Chronicle in August. Closure of the Examiner , which would dissolve
the papers’ Joint Operating Agreement, has been slowed pending a
Justice Department investigation into complaints that Hearst will have
a monopoly in the San Francisco.
Citing federal antitrust action and local political pressure, Hearst in
January sweetened the deal. Hearst said the buyer of the Examine r
would get ‘its printing presses, plant, delivery trucks and other
physical assets, together with the ability to employ personnel
necessary to run the business.’
Hearst said it is doing this in response to concerns raised by San
Francisco Mayor Willie Brown, city officials, California Attorney
General Bill Lockyer and the Department of Justice’s antirust division.
Potential buyers mentioned include San Jose-based Knight Ridder,
Denver-based MediaNews Group Inc., and San Francisco Independent
Publisher Ted Fang.
Joel Davis is the West Coast editor for
Editor & Publisher magazine.
(c) Copyright 2000, Editor & Publisher