Bass Newspaper Bid Rejected: Directors of a...

Bass Newspaper Bid Rejected: Directors of a nonprofit journalism institute unanimously rejected an offer for the sale of the controlling interest in the St. Petersburg Times to a Texas billionaire. The Poynter-Jamison Ventures Limited Partnership, headed by Texas investor Robert M. Bass, made the offer to pay $270 million for outstanding shares in Times Holding Co. in a letter Jan. 30 to Times Publisher Andrew Barnes. Acquisition of the shares would give the Bass group control of Times Publishing Co., which owns the newspaper and four magazines, including Congressional Quarterly and Florida Trend.