Seven years ago, the Anchorage Daily News had surely endured its quota of lean seasons. Founded on a meager stake in 1946, the feisty, liberal-leaning paper had lagged far behind Anchorage's conservative afternoon Times, described on its masthead as "Alaska's Largest Newspaper." After being taken over in 1967 by former Chicago Daily News Editor Larry Fanning and his wife Kay, the Anchorage News turned out some spirited journalism but continued to decline. "In 1976," recalls Kay Fanning, "we won a Pulitzer Prize and went publicly broke."
Two years earlier the News had entered into a joint operating agreement with the Times,...
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