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. Last Updated: 07/27/2016

N.Y. Times Buys Herald Tribune

NEW YORK -- The New York Times Co. said Tuesday that as part of its global expansion plans it will become the sole owner of the International Herald Tribune, which bills itself as the "world's daily newspaper," by buying out a 50-percent stake held by The Washington Post.

The Washington Post, however, indicated it had little choice but to sell the stake in the paper. A source close to the deal said the publisher sold its stake for less than $75 million.

"Today's a very sad day for us. We had hoped to be part of IHT for many years to come. But under the terms of our partnership, The New York Times left us little choice and we reluctantly agreed to sell," The Washington Post said in a statement.

In a memo to staffers, The Washington Post's management said venture partner New York Times wanted to buy its stake to boost its international strategy and was not open to the alternatives The Washington Post offered. A New York Times spokeswoman said the decision was "mutually agreed upon."

"If the Post did not sell, the Times said it would start its own international edition anyway, intending to sell as many copies as allowed under the IHT partnership agreement," The Washington Post memo said.

"The Times also said it would block any cash infusion into the IHT, which the partnership agreement would permit it to do. The IHT is currently operating at a loss in an intensely competitive international newspaper marketplace."

The New York Times has been a part-owner of the newspaper since 1967 and The Washington Post since 1966.