Paper for Sale

The Los Angeles Daily News (circ. 188,453) was on tne block. As the only Democratic daily among Los Angeles' tive, the News and its advocates have been trying to find a buyer among such political friends as International Teamsters Union Boss Dave Beck. Jimmy Roosevelt, Averell Harriman, New York Post Publisher Dorothy Schiff. But even those who were interested have been scared off by one grim fact: the ailing News is losing an estimated $75,000 or more a month. Last week the News turned up with a buyer who appeared not to be afraid of that fact. Sheldon F. Sackett, publisher of the Coos Bay (Ore.) daily Times, offered to pay $1,525,000 for the News. Sackett paid down a $20,000 deposit and got the signature of News Publisher Robert Smith on an "agreement for purchase" of the paper. To meet the terms of the contract, Sackett must, among other provisions, pay $580,000 by the end of this year. Publisher Sackett, 51, may have trouble meeting the payments since even his friends regard him as an eccentric individualist who alternates between periods of money-making journalism and pie-in-the-sky newspaper deals. Last week, in the wake of his latest deal, the Seattle law firm that has represented him for 13 years resigned.

Sheldon F. Sackett, said J. W. McInturff, the head of the law firm, lately changed his ways and his corporate name to Sheldon Fred Sackett. "We loved Sheldon F. Sackett, but we cannot live with Sheldon Fred Sackett."

The Sackett the lawyers loved built his Coos Bay Times (circ. 8,930) into a daily that nets close to $75,000 a year and has a brand-new plant. From his publishing earnings Sackett has also picked up control of two money-making radio stations, and now has an option on a TV station in Vancouver, Wash, as well as the San Leandro, Calif, daily News-Observer (5,473). In periods of expansiveness. Sackett has been known to roam the coast picking up options to buy papers as lightly as he tosses off philosophic oratory from William James, Santayana or John Dewey. Six years ago in Seattle, he announced he had bought the ailing Star, hastily pulled out, leaving an option behind when he could not meet the purchase price. Where Sackett hopes to raise the money to buy the Los Angeles News is his secret. But News Publisher Smith, who will get $25,000 a year for seven years as a part-time "adviser" if the deal goes through, is hopeful. Says Smith: "As far as I and my associates know, he is an entirely honorable man, albeit perhaps eccentric ... I hope this will go through because Sackett's plans to run a liberal progressive newspaper make him sound just like the man we have been looking for."

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