Tribune Buys 2 Virginia Papers
The Chicago-based Tribune Co. will acquire the Daily Press Inc., publisher of the Daily Press and the Times-Herald of Newport News, for $200 million, officials of both companies announced today.
The sale of the two papers ends many years of private ownership by the Van Buren and Bottom families, who share controlling interest in the parent firm. In 1985, consolidated revenues for the Daily Press Inc. were $52 million, of which newspaper revenues were $36 million. Daily circulation of the two papers is 104,000 and Sunday circulation is 112,000.
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