Start The Presses The Trib Lives!
The Tribune in Oakland, Calif., has been saved from the grave. On Aug. 14, owner and publisher Robert Maynard announced a three-way deal for the 117-year-old paper. The key player in the rescue: the Freedom Forum, Allen Neuharth's nonprofit foundation.
Maynard bought The Trib in 1983 from Gannett, where Neuharth was chairman until 1989. He financed the purchase with a $17 million loan from the media giant. He has been in default on the debt, which has grown, with interest, to $31.5 million. Now, Gannett has agreed to retire the debt in exchange for $5.5 million in preferred stock in The Trib and a $2.5 million note guaranteed by the Freedom Forum. The Trib `s death would have made Oakland the largest U. S. city without a daily paper.