The Press: The Philadelphia News Story

When Millionaire Contractor Matthew H. McCloskey sold his Philadelphia Daily News (circ. 192,401) to the Philadelphia Inquirer's Walter H. Annenberg last week, no one was more surprised than the News's publisher, David ("Tom") Stern III. Since taking over management of the ailing Democratic tabloid a year ago (TIME, Jan. 7), Philadelphia-born Tom Stern, 48, had cut its losses from $225,000 a month to $40,000 a month, and estimated that it would lose no more than $200,000 in 1958. "Given a reasonable amount of time, we would have had an independent and profitable enterprise," protested Stern, who also publishes the thriving New...

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