Veronis Suhler acted as financial advisor to The Hearst Corporation.
SAN FRANCISCO--March 17, 2000-- ExIn, LLC, a new company affiliated with the publishers of the San Francisco Independent, announced today that it has entered into an agreement with The Hearst Corporation to acquire the San Francisco Examiner.
The deal will preserve both of San Francisco's two daily newspapers, and allow the City to continue its long tradition of diversity of editorial voices.
The new San Francisco Examiner and the San Francisco Chronicle will be published independently, following a four-month transition period. As part of the agreement, all current employees of the Examiner, the Chronicle and the San Francisco Newspaper Agency will continue to be employed by The Hearst Corporation except those who take positions with the new Examiner. The new Examiner will be assembling its own staff after conducting searches both locally and nationwide.
ExIn will assume certain liabilities, and The Hearst Corporation, headquartered in New York, will be making a significant financial commitment to the continued publication of the Examiner.
The deal culminates more than six months of uncertainty during which community groups, business leaders and public officials searched for a way to save the 135 year old Examiner. San Francisco will now be one of the few cities with a daily newspaper that is both locally-owned and minority-owned.
'The Examiner has been a part of the history and the identity of San Francisco. We hope to carry on the Examiner's proud tradition of public service and journalistic excellence,' said Ted Fang who will carry the dual titles of publisher of the Examiner and the Independent. 'It has taken the efforts of many people from diverse backgrounds to save the Examiner today, and we will be looking to work with the entire community as we take the new Examiner into the new century. I want to thank The Hearst Corporation for their cooperation and commitment to this effort.'
William Randolph Hearst founded what is today The Hearst Corporation in 1887 when he assumed control of the Examiner. In 1965, the Examiner began operating under a federally-sanctioned Joint Operating Agreement, that will terminate with this acquisition.
ExIn LLC is owned by San Francisco's prominent Fang family, publishers of the Independent and Asian Week newspapers. The Independent Newspaper Group of San Francisco and San Mateo counties is the largest non-daily newspaper group in California and has a circulation of 379,000 copies. Asian Week, founded in 1979 by John T.C. Fang, is the oldest and largest English language publication for the nation's growing Asian American community.
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