The Press: The Late Afternoon of PM

The eight-year-old tabloid PM, Manhattan's youngest newspaper, was still dying last week — but not quite dead. At the last minute Owner Marshall Field gave PM a two-week reprieve. He still hadn't found anyone to buy it (PM is losing $15,000 a week, and its circulation is falling), but there had been "a number of nibbles."

Field's asking price was high: $1,250,000, plus an assurance that the buyer had $500,000 in working capital and was "a decent fellow." Would he sell to someone who didn't share PM's Left-Field politics? Said Field: "Out of respect to the name PM,I would not sell to...

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