The Press: Magazine for Sale

The death of famed Yachtsman Vincent Astor in 1959 put a large question mark over the future of Newsweek magazine. In his will Astor left his controlling 60% of Newsweek's stock—177,200 shares—to the Vincent Astor Foundation, a charitable trust that he established in 1948. Since then, the rumor that Newsweek is for sale has cropped up with a persistence that has defeated the magazine's continued efforts to deny it. Last week, confronted with fresh reports, Newsweek Board Chairman Malcolm Muir, 65, said that a group of colleagues were trying to buy it.

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