US newspaper publisher, Phillip M. Peterson, has revealed how to buy and sell newspapers in the United States.
The 70-year-old has been selling his newspapers to the public since his family began running the paper in 1949.
Peterson said he had started with a simple paper called The New York Herald Tribune in 1954, and expanded the business into other newspapers as the paper became a symbol of the US economy.
“I’ve always loved newspapers.
I’ve been reading the New York Times and the Washington Post and the Chicago Tribune,” Peterson said.”
My grandfather used to run the Chicago Sun-Times.
The New York City newspaper is my favourite.”
The newspaper is owned by the Peterson family and its first edition was published in 1963.
“I’m selling it out to the first buyers, so I’m going to give them a little piece of the pie,” Peterson told the American Newspaper Publishers Association.
“If you’re going to be buying from a publisher, you’re also going to have to be a buyer and that’s what we are doing.”
The new owners will pay a one-time fee of $50,000 to acquire a paper that is sold to a buyer, he said.
The move follows an agreement signed by Peterson and a group of other American newspapers in 2015 to sell their newspapers to American Express.
American Express will pay $2,000 a share of the newspaper’s profits, while the rest will be reinvested into the paper.
“It’s going to get back into the people who are actually buying newspapers, the people that have been buying newspapers for a long time,” Peterson added.
“This is a real opportunity to invest in newspapers.”
The whole business model is changing,” he said, noting that the paper will continue to operate independently from American Express until at least 2020.
Peterson, who will become chairman of the American newspaper owners association, said the change in ownership will not affect how the newspaper is run.”
The paper will be owned by us and we’ll have a new owner and we can be independent.”