The Press: The Passing Parade

For months, Multimillionaire John Hay ("Jock") Whitney, 53, has carefully assessed the competition-bruised New York Herald Tribune and wondered if he should exercise his option to convert the $1,200,000 loan he made last fall (TIME, Sept. 23) into a controlling interest. Last week, while his Herald Tribune plans seemed to be coming to a slow boil on a back burner, he took time off from his duties as U.S. Ambassador to the Court of St. James's to conclude another deal that initiated him into big-time publishing. For a reported $10 million, Whitney bought bustling, prosperous Parade, the nationally distributed Sunday supplement...

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