Detroit News sold yet again, Finley demoted to obit editor
The publishers of Detroit's Metro Times revealed today they are purchasing The Detroit News for an undisclosed sum, allowing Metro Times to take over, rename and reinvigorate the daily newspaper as The Detroit Daily.
Pending approval by the U.S. Department of Justice, the alternative newsweekly Metro Times, which turns 30 this year, will take over daily operations of the financially troubled daily paper, which Time magazine listed among "The 10 Most Endangered Newspapers in America" last year.
The deal set off immediate reaction from media observers and gadflies who've been monitoring the daily closely. Like the larger Gannett-owned Detroit Free Press, the News had cut back the number of days the paper was delivered last year, prompting worries the paper was struggling to save enough money to keep publishing. For many Detroit News employees, the purchase is good news, as it promises to save many jobs its owner, MediaNews Group, simply couldn't afford to pay for much longer.
more: http://www.metrotimes.com/news/story.asp?id=14935
