‘Newspaper sale turns 16 staffers into millionaires’

While discussing “millionaire journalists” with Omaha World-Herald executive editor Mike Reilly, I recalled how some Kansas City Star editors became wealthy with the sale of that paper to Capital Cities Communications in 1977. Here’s the story from Google News Archives.

Other employees who owned stock in the Star also benefited from the sale, which more than doubled the value of their investment.

Stockholders, including present and retired employees and their families received $139.54 a share. The book value of each share was $68.50 when the New York communications firm made its offer.

> From 1997: How are those 24 Salt Lake Tribune journalists coping with their new millions?