By: Staff Reports
Former Union Leader Owner Avoids Selling To Bigger Newspaper Chains
Under a plan designed to preserve the papers’ independence, the controlling stock of The Union Leader in Manchester and New Hampshire Sunday News was donated this week to a school founded by the papers’ late publisher, Nackey Scripps Loeb.
The Nackey S. Loeb School of Communications Inc. is taking advantage of a tax law allowing nonprofit institutions to own stock in for-profit companies. The arrangement was patterned after the Poynter Institute for Media Studies’ ownership of the St. Petersburg (Fla.) Times.
The burden of federal inheritance taxes has led many independently owned newspapers to sell to bigger companies. Loeb, a granddaughter of publishing baron E.W. Scripps, saw the transfer as the only way to avoid selling to a national chain, Publisher Joseph McQuaid said. She served as publisher from the death of her husband, William Loeb, in 1981 and died in January at age 75.
Under the Loebs, the Manchester-based papers became known for their outspoken and conservative editorials and statewide coverage. The school, founded in 1999, is dedicated to improving journalism with an emphasis on young students.
Copyright 2000, Editor & Publisher.