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Topic: Miscellaneous items
Date/Time: 4/16/2007 11:47:12 AM
Title: Seattle JOA settlement
Posted By: Jim Romenesko
 
Hearst press release

HEARST CORPORATION ANNOUNCES AGREEMENT TO CONTINUE OPERATION OF THE SEATTLE POST-INTELLIGENCER

NEW YORK, April 16, 2007 — Hearst Corporation today announced that it has reached agreement with the Seattle Times Company to continue publication of the Seattle Post-Intelligencer (P-I) under the Joint Operating Agreement (JOA).

"We are very happy to reach an agreement that allows for the continued publication of the P-I, providing the Seattle area with the benefit of competing editorial voices and giving readers a choice,” said George Irish, president of Hearst Newspapers.

Under the terms of the agreement, the parties agreed to settle all outstanding litigation and to terminate Hearst’s 32 percent contingent interest in the JOA. Hearst is paying the Seattle Times approximately $25 million in exchange for the Times agreeing not to issue any loss notice until at least 2016.

"It’s a new beginning for the P-I,” said Roger Oglesby, publisher of the Seattle Post-Intelligencer. “This is great news for our readers, our advertisers and our employees."


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