The Nation - News from Dec. 25, 1988

The owner of the Miami News has reached an agreement in principle to sell the 93-year-old daily newspaper, the paper reported. Cox Enterprises has “conceptually agreed” to an amended offer from an unidentified out-of-state investor group and hopes to close the deal before its next Saturday deadline for selling the paper or folding it, a company official said. Financial and circulation losses have been cited as the reasons for the sale. Cox may consider keeping the paper open for a short time after the deadline, if a deal appears imminent, said David Easterly, president of the Atlanta-based Cox Newspapers division. Easterly would not disclose details of the amended offer. The new developments came a day after the Justice Department said it is investigating whether the planned closing of the newspaper violates antitrust laws. But Easterly said the probe had no effect on the negotiations.