NY TIMES TO ACQUIRE WASHINGTON POST'S INTEREST IN INTERNATIONAL HERALD TRIBUNE
By Adnews Staff
The New York Times Co. has signed a letter of intent to acquire The Washington Post Co.'s 50% interest in The International Herald Tribune. The New York Times already owns 50% of the Paris-based newspaper. It will pay approximately $75 million for the Post's half. The acquisition is expected to close in late 2002 or early 2003, once a definitive agreement is reached and regulatory approvals have been obtained. The New York Times first acquired a share of the newspaper in 1967, joining owners Whitney Communications and the Washington Post. Whitney dropped out of the endeavor in 1991.
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