Washington Times executives are negotiating to sell the newspaper, after the Rev. Sun Myung Moon’s family cut off most of the annual subsidy of about $35 million that has kept the Unification Church-backed paper afloat, company officials said.
Nicholas Chiaia, a member of the paper’s two-man board of directors and president of the church-supported United Press International wire service, confirmed that the paper is actively on the market: “We recently entered into discussions with a number of parties interested in either purchasing or partnering with the Washington Times,” he said in a statement to The Washington Post.
Current and former Times officials said one suitor has been the paper’s former executive editor, John Solomon, who resigned in November 2009. Soon thereafter, they said, Solomon organized a group of investors to purchase the Times or launch a new multimedia outlet called The Washington Guardian. Times company officials said they are also in discussions with other potential investors.
Full story: Unification Church will put Washington Times up for sale