The Press: A U.S. Pipeline to London

Newspapers and petroleum companies are not obvious and natural allies. So it came as a surprise to many Britons last week when the Sunday Observer (circ. 668,000), one of Fleet Street's most literate papers, was purchased by the Atlantic Richfield Co., a $7 billion Los Angeles-based oil giant. The token price: one pound sterling, or about $1.65.

The man who put Atlantic Richfield in the newspaper business is Robert O. Anderson, 59, Arco's chairman. A part-time cattleman (his 1 million acres of ranch land make him one of the nation's largest individual landowners),...

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