Word: richfield
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...that Murdoch had ambitions to enlarge his empire: at the same time he was maneuvering with Dorothy Schiff, former owner of The New York Post, for control of that paper, he was engaged in an abortive attempt to buy the London Sunday Observer--which subsequently was sold to Atlantic-Richfield for one dollar, mostly to keep it out of Murdoch's hands. He also made a similarly unsuccessful attempt to purchase the ailing Washington Star. It thus came as no great surprise when Murdoch bought the tabloid Post from 73-year-old publisher Schiff last November for $31 million...
Newspapers and petroleum companies are not obvious and natural allies. So it came as a surprise to many Britons last week when the Sunday Observer (circ. 668,000), one of Fleet Street's most literate papers, was purchased by the Atlantic Richfield Co., a $7 billion Los Angeles-based oil giant. The token price: one pound sterling, or about...
...Atlantic Richfield in the newspaper business is Robert O. Anderson, 59, Arco's chairman. A part-time cattleman (his 1 million acres of ranch land make him one of the nation's largest individual landowners), philanthropist and self-styled student of social problems, Anderson is chairman of the Aspen Institute for Humanistic Studies, a social science think tank with offices round the world...
...hand over control to the right investor. Cater telephoned the Aspen Institute, which reached Anderson, and Anderson invited Observer Proprietor and former Editor David Astor to bring the paper's books with him to Los Angeles. Last week, ten days after Cater's serendipitous supper, Atlantic Richfield's board approved the purchase; the price reflected the reality that the oil company was acquiring financial liabilities, not profitable assets...
Anderson would, in writing, and he also promised that Atlantic Richfield would spend an undisclosed sum-believed to be as much as $10 million-to improve the paper and expand news coverage. "We do not propose to change the paper's editorial policy," said Anderson. "Our intention is solely to provide support for the Observer, one of the world's outstanding newspapers...