A tip of the hat to Lawrence Journal-World managing editor Dennis Anderson, who referred me to this Jim Romenesko post on the Omaha World-Herald’s sale to Warren Buffett.
Romenesko writes of a similar situation involving The Star’s sale to Capital Cities Communication in 1977. The Star was at that time an employee-owned paper, as was the World-Herald until Buffett bought it.
When CCC dropped $125 million for the The Star and the Kansas City Times, it bought out stock worth 1 percent or more owned by a handful of editors and board members, including eight retired staffers, making them instant millionaires. The Montreal Gazette put the story on its front page for some reason. Have a look, via the awesome and sadly defunct Google Newspaper Project (which did not archive The Star).
These lucky Star staffers got $1.25 million each for their stock. Anyone know what editor W.W. Baker, general manager Frank McKinney, secretary Thelma Hubbard, executive editor Cruise Palmer, associated editor Kenneth Fox, and another associate editor known in the story only as Bohling did with their riches? The others were board members.