Washington Times Sold for $1, Advisor Claims

The internal memo contradicts reports of the paper’s possible demise

Apparently Newsweek isn't alone in being sold on the cheap.

The Washington Times is back in the hands of the Rev. Sun Myung Moon, the founder of the Unification Church who started the newspaper in 1982, after supporters struck a deal to purchase the paper's assets for $1 and assumption of most debts, according to an internal memo published Tuesday by U.S. News & World Report.

The memo written by Times advisor Michael Marshall contradicts earlier reports that the paper was being sold for tens of millions of dollars and may have faced imminent shutdown. Marshall claims that rumors that Rev. Moon's son Preston wanted to shut the paper were untrue and that Preston Moon borrowed heavily to keep the Times operating.

The sale itself was first announced Aug. 23 and will be completed in 30 days.

The conservative-leaning Times has struggled since church funds were cut off last year, weathering several rounds of cutbacks. It was officially put up for sale in May.