NYT Buys Herald Stake
Oct 22, 2002, 12:00 AM
The New York Times Co. has agreed to acquire the 50% stake in the Paris-based International Herald Tribune held by the Washington Post Co. The New York Times and the Washington Post have been joint-owners of the International Herald Tribune for 11 years. A spokeswoman for the New York Times said the company will be paying Washington Post less than $75 million cash for its stake. The spokeswoman said the company won't be disclosing any of the specific terms of the deal at this time nor will it disclose the original investments by both parties when the partnership began. The New York Times spokeswoman said the company doesn't expect any change or reduction in existing management or staff at the International Herald Tribune. The paper is currently headed by Peter Goldmark and has 340 employees.