Washington Times About To Fold ?
Dave Hughes at DCRTV.com, which covers broadcast and print media in the DC area, passes along a rumor that The Washington Times may be on the verge of final collapse:
DCRTV hears that the Washington Times is close to closing. A source tells us that Reverend Moon’s son, Preston, was prepared to close the Times as recently as last Friday. A press release was reportedly ready for distribution when an apparent last minute and revised offer to buy the paper was submitted, we hear. Sources say that the younger Moon and another board member of TWT are “finished” with the paper and that they couldn’t care less about any amount of money that is offered.
The paper has large debt load but there is a buyer. Normally, this would be a good thing for a seller. In the zany world of the Moon family, and the son’s disregard for the family’s wishes, it looks like the final edition is imminent.”
Back in May, the Unification Church put the Times up for sale after decades of losing money on the project. Now it seems that family feuds may bring the paper down before a sale is completed.
This is basically vanity publishing. It hasn’t a hope of ever making money so the only way it survives is if it finds a sugar daddy. Maybe one of the Kochs will volunteer. They have plenty of money to throw at far rightwing causes.