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The New York Times Company and The Washington Post Company Enter Into Letter of Intent for Sale of Post's Interest in The International Herald Tribune to The Times
The New York Times Company and The Washington Post Company Enter Into Letter of Intent for Sale of Post's Interest in The International Herald Tribune to The Times
October 22, 2002 at 12:00 AM EDT
NEW YORK & WASHINGTON-- Oct. 22, 2002--The New York Times Company and The
Washington Post Company announced today that they have signed a letter of intent
for the Times Company, a fifty percent owner of The International Herald Tribune
newspaper, to purchase the Post Company's fifty percent share in the IHT. The
terms of the letter of intent were not disclosed. The IHT headquarters is located
in Paris.
The closing is expected to occur after a definitive agreement is reached between the two companies and all regulatory approvals have been obtained, which would likely be in late 2002 or early 2003.
This press release can be downloaded from www.nytco.com
CONTACT:
The New York Times Company
Catherine Mathis, 212/556-1981
mathis@nytimes.com
or
The Washington Post Company
Ann McDaniel, 202/334-7329
mcdaniela@washpost.com