NY Times Co. Buys 'Intl. Herald Trib' Stake

By: Angela Doland, Associated Press Writer (AP) The Washington Post signed a letter of intent to sell its 50% stake in the Paris-based International Herald Tribune to the current joint owner, The New York Times, the Tribune's executive editor said Tuesday.

"We consider the International Herald Tribune to be one of the premier newspapers in the world and we have been extremely proud to be a part of it since 1966," said Ann McDaniel, vice president of human resources for The Washington Post Co.

"Today's a very sad day for us. We had hoped to be a part of the IHT for many years to come, but under the terms of our partnership The New York Times left us little choice and we reluctantly agreed to sell," she said.

Ownership will be transferred by the end of the year or early next year, Herald Tribune Executive Editor David Ignatius said. Currently, both the Post and the Times own a 50% stake in the 115-year-old paper.

In the past two years, the Herald Tribune's revenue was hit by the global advertising slowdown. At the same time, the Times saw an opportunity to build its international reputation, Ignatius said.

"We think that rather than owning half of a great global newspaper, they want to be a great global newspaper," Ignatius said.

Details on the agreement are still being worked out, and there are legal issues to be dealt with, Ignatius said. Financial terms were not released.

The Times issued a memo to its employees Tuesday, saying it had no plans to change the Herald Tribune's operations and management, Ignatius said. The Times said no job cuts or managerial changes were planned.

"I hope The New York Times will respect the paper's traditions, its dedicated employees, and its many thousands of loyal readers around the world," Ignatius said.

The newspaper's circulation last year was 264,000. It is printed in 22 plants around the world, and less than half its readers are American.

"Part of the IHT's strength is that it is an international newspaper based in Paris with its own voice and traditions," Ignatius said. "We may speak with an American accent, but we are truly an international paper."

Founded in Paris in 1887, the newspaper is distributed worldwide and has long been a mainstay of international journalism in English. It features articles from The Washington Post and The New York Times and from Herald Tribune reporters.

The Tribune has always played an international role in a city considered by many to be the world's cultural capital. In 1987, the paper dedicated a memorial in the shape of the Statue of Liberty's torch to Paris as a sign of French-American friendship.

Advertising revenues started slumping in April 2001 and got worse after Sept. 11, Ignatius said.

"Our owners have been unhappy about that, as have we," Ignatius said. "I think the Times was frustrated with those losses and believed the paper could operate more efficiently under one owner."