By: Ron Harris, Associated Press Writer (AP) Billionaire investor and Qwest Communications founder Phil Anschutz is buying the once-mighty San Francisco Examiner from the Fang family, the parties announced Thursday.
Financial terms were not disclosed. A source close to the deal said Anschutz is paying $20 million for the paper Florence Fang and her family bought from the Hearst Corp. in 2000 for a dollar. The Fangs also received $66.7 million from Hearst to subsidize the newspaper's operation.
The deal was signed Wednesday, according to the source, who spoke to The Associated Press on condition of anonymity.
Anschutz and his partners also will get The Independent, a profitable neighborhood giveaway paper, as well as Grant Printing Co. where the papers are produced.
Anschutz is the majority stockholder and founder of Qwest Communications. His Entertainment Group owns a piece of the Los Angeles Lakers, the Los Angeles Kings and several professional soccer teams. He is the 33rd-richest person in the United States, according to Forbes magazine.
Robert Starzel, a corporate attorney who serves with Anschutz on several boards, becomes chairman of the SF Newspaper Co. Starzel is the son of Frank Starzel, a former general manager of The Associated Press.
Scott McKibben, who had been chief executive of the Examiner's parent company, will stay on as president and publisher of the Examiner and Independent.
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