New York Times Sells Santa Barbara News-Press
Posted on July 10, 2000
The New York Times Company and Ampersand Holdings LLC, the Santa Barbara, Calif., privately-held investment company of Wendy McCaw, have announced an agreement for the Times Company to sell to Ampersand the Santa Barbara News-Press.
The News-Press, which has a daily circulation of 45,300 copies, is the oldest newspaper in southern California. It published its first issue in 1855. In 1999 revenues of the News-Press totaled approximately $30 million. It was acquired by The New York Times Company in 1985.
About the transaction Mrs. Wendy McCaw said, ``The purchase of the News-Press is consistent with Ampersand's philosophy of purchasing high-quality assets that also contribute to the betterment of the communities in which they operate. The News-Press more than meets that objective. It is one of the most enduring and important institutions contributing to the quality of life in Santa Barbara. As residents who are committed to the community, we are thrilled to be working with the News-Press management team to maintain and improve the paper's rich tradition of editorial excellence and community service.''
