In a time of corporate, impersonal journalism, doughty old John Netherland Heiskell is a holdout. The lean and gimlet-eyed boss of Little Rock's Arkansas Gazette snorts at the notion that a newspaper is just a 6% investment: it is first of all an institution, says he, and only incidentally a business. Because his paper is a great success in both roles, numerous buyers have greedily eyed it. Heiskell has always talked to them as sternly as if they were asking for the hand of one of his two daughters.
Last week, tired of turning down unsuitable suitors, he took steps to keep...
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