The Press: Time Inc.'s First Daily

After 45 years of publishing magazines and books, Time Inc. last week announced a move into the newspaper business. Having recently decided to buy Little, Brown & Co. as well as 300,000 shares of Metro-Goldwyn-Mayer, Time Inc. reached an agreement to buy its first daily—the Newark Evening News. Time Inc. agreed to exchange roughly 325,000 shares of its common stock and take over a News mortgage debt of about $5,000,000, in return for all the stock of the Evening News Publishing Co. of Newark. The News Co., however, will retain ownership of Newark radio station WVNJ as well as the Garden...

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