NEW YORK — The New York times is launching a new weekly newspaper, The Washington Post, for a $1 billion acquisition that will be the first-ever major newspaper to feature a drug war story.
The Times, which was founded in 1892, is owned by Rupert Murdoch’s News Corp. and has been one of the most powerful media companies in the world for more than 50 years.
It is also the first major newspaper company to acquire an investigative newspaper.
Its owner, publisher, and editor will be Joseph Pulitzer, the Pulitzer Prize-winning author of a number of best-selling books, including his best-seller, “The Washington Post.”
“The new Washington Post will be a unique, indispensable, and highly valued asset to the company and the industry in general,” Pulitzer said in a statement.
“This is the right time to acquire this newspaper and build a strong journalism brand that will endure long after the paper’s closure,” Pulitzer continued.
“This acquisition gives us a tremendous amount of flexibility in our coverage and allows us to deliver the same quality of journalism as before.
We are thrilled to have such a powerful partner in Rupert Murdoch.”
The purchase price is undisclosed, but analysts estimate the Times could raise the price by as much as 30 percent.
It will be led by Pulitzer’s executive editor, Andrew Rosenthal.
Rosenthal will also be joining the newspaper as editor in chief.
The Times will publish an editorial on drug policy, according to the statement.
The Times is one of three newspapers owned by the Pulitzer family.
The others are The New Yorker and The Wall Street Journal.
Pulitzer and his family have been a staunch defenders of journalism and journalists in recent years, particularly against the media consolidation under the Trump administration.
Pulffers publisher, Rupert Murdoch, will become the second person in history to buy an entire newspaper after the Washington Post owner, Irving P. Adler, purchased the Philadelphia Inquirer in 1928 for $500,000.
In a statement, the Times said it is “excited” about the news and “is committed to continuing to work for good journalism and its values.”
Pulse Media, a subsidiary of MediaOne, is the publisher of the Times.
Pulse’s acquisition includes The Washington Examiner, the largest daily news publication in the country, along with the Associated Press, Fox News, and MSNBC.