THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, August 2, 1995 TAG: 9508020507
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Associated Press)
LENGTH: Short : 23 lines
McClatchy Newspapers Inc. took possession Monday of The News & Observer of Raleigh, completing a sale that was first announced May 17. California-based McClatchy paid $250 million for the paper and agreed to assume $123 million of debt. The News & Observer had been one of the South's last independent daily newspapers. It had been owned by the Daniels family since 1894. Frank Daniels Jr., chairman of the board of The Associated Press, will remain the publisher of The News & Observer. His son, executive editor Frank Daniels III, will become head of a new media division in Raleigh; and his nephew, Bobby Waranoff, will remain business manager. by CNB