The Miami News, an afternoon newspaper that...
The Miami News, an afternoon newspaper that has won five Pulitzer prizes, will be closed by the end of the year if no buyer can be found, parent company Cox Enterprises said. Cox said the paper was losing money, and that daily circulation has declined from 112,000 in 1966 to below 48,000. The News has operated since 1966 under a joint operating agreement with the Miami Herald, owned by Knight-Ridder Inc. Atlanta-based Cox Enterprises will profit on a non-existent newspaper under the terms of an agreement negotiated more than a year ago with Knight-Ridder, Cox officials said. Under the new agreement, Knight-Ridder will pay Cox Enterprises a percentage of the Herald’s profits, based on a sliding scale, through the year 2021, even if the News ceases publication.
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