Time Inc. acquires the Star
When Joe L. Allbritton purchased the long-suffering Washington (D.C.) Star in 1974 from the families that had owned the afternoon paper for most of its 125 years, he had no illusions about what lay ahead. "Financially, the Star was on the ropes, and its morale was low," the Texas banker recalls. "Readers and businessmen viewed the Star with the sad concern one feels for a dying friend."
Though he had no experience in publishing, Allbritton set energetically to work on the resuscitation of the paper, no easy task considering that his competition in town was the Washington Post.