British Publisher Negotiates to Buy New York's Troubled Daily News
NEW YORK — BRITISH publisher Robert Maxwell set a five-day deadline to reach key accords with the leaders of nine striking Daily News unions after signing a letter of intent to purchase the strike-bound tabloid. On Tuesday Mr. Maxwell signed the tentative agreement -- which is contingent on his being able to work out agreements with the labor groups -- then established the brisk bargaining timetable.
Maxwell has given himself and the organized labor groups until Monday to work out agreements. Daily News executives have said they will cease publication of the 71-year-old daily on the following Friday, if a buyer has not entered a definitive agreement of purchase on that day.
Maxwell's publishing empire also includes Collier's Encyclopedia; The Mirror, London's second-largest newspaper; and papers in Scotland and Japan, was well as The European, a daily covering Europe.