Newspapers: Letting Go of a Legacy

After his father's death in 1942, Walter Annenberg pledged on the front page of his most prized legacy, the Philadelphia Inquirer, to live the rest of his life in the City of Brotherly Love and to uphold "the great traditions" of the newspaper. Annenberg stopped living in Philadelphia this past April when his long friendship with Richard Nixon got him a new address in London as Ambassador to the Court of St. James's. Last week he announced he was also giving up the Inquirer. He sold both the morning Inquirer and its sister paper, the afternoon Daily News, to...

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