New York, Oct. 22 (Reuters): The New York Times Co. said today it had agreed to buy the Washington Post Co.’s 50 per cent stake in the International Herald Tribune, becoming the sole owner of the source for US news in print for many Americans living abroad.
The New York Times bought the Washington Post’s stake in the paper, which bills itself as the world’s daily newspaper, for under $75 million, said a source familiar with the deal. Another source said the New York Times had approached its joint venture partner.
“Today’s a very sad day for us. We had hoped to be part of 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,” Washington Post said in a statement.
The deal comes as the newspaper industry slowly emerges from its worst advertising market in decades. “We believe IHT will benefit by operating under a single parent,” said New York Times spokeswoman Catherine Mathis. “There are no plans to change the management or the operation of the IHT.”
The International Herald Tribune, born in 1887 as the European edition of the New York Herald, is based in Paris and employs about 340 people.