Voice of America, October 22, 2002

The New York Times is buying the 50 percent stake in the International Herald Tribune held by The Washington Post.

The move announced Tuesday means The New York Times will become the sole owner of the Paris-based international newspaper.

The more than 100-year-old newspaper combines articles from The New York Times, The Washington Post and from its own international reporters.

Ownership has been a 50-50 partnership between the Post and the Times since the early 1990s. An official with The New York Times says The Washington Post will continue to provide content for the indefinite future.

Ownership is expected to be transferred by the end of the year or early next year.

Reuters news agency says the deal is worth $75 million.

It comes as the newspaper industry slowly emerges from its worst advertising market in decades. The International Herald Tribune has a circulation of about 260,0000 people, most of them outside the United States.

The New York Times also says it has no plans to change the Herald Tribune's operations and management.