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3.9.2010 The Washington Times to be sold for $1

The saga surrounding The Washington Times could be drawing to a close, with the paper being sold by one part of the Unification Church to another for $1, along with its financial obligations. The sale, which is similar to that of Newsweek, which also recently sold for $1, would mean the transfer of the paper from one Unification Church-affiliated buyer to another, according to a memo released to the media this week.
As part of the deal, Joo's Delaware-based News World Media Development would also take on the struggling paper's debts. The paper, which is currently run by Preston Moon's News World Communications, has struggled to stay afloat and has cut around 40% of its staff as well as several editorial sections.
 

B.L. 3.9.2010