The Press: Hearst Deficit

The economic health of the Hearst publishing empire has always been a closely guarded secret. For clues, the curious can examine only Hearst Consolidated Publications, Inc., which includes six of the eleven Hearst papers* and is the sole publicly held corporation in the Hearst complex. Last week Hearst Consolidated released figures suggesting that its health is poor indeed. On gross revenues of $153 million in 1961, the company logged a record deficit of $8,766,584.

Over the past decade, the corporation has skipped 28 (out of 40) dividends on its preferred stock, and its deficit has climbed alarmingly: $2.4 million in 1959, nearly...

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