CONTROL OF ‘HERALD’

Press, Volume CIII, Issue 30337, 13 January 1964, Page 16

CONTROL OF ‘HERALD’

T.U.C. Rejects King’s Offer (N.Z.P.A.-Reuter— Copyright) LONDON, January 10. Negotiations aimed at severing the remaining links of the Trades Union Congress with the Labour newspaper, the “Daily Herald." broke down last night. The T.U.C. general secretary, Mr George Woodcock, said two offers for T.U.C. shares had been presented by the International Publishing Corporation at a meeting with the T.U.C.’S finance and general purposes committee. One was an outright cash offer. The other was a bas.c cash offer with additional sums related to circulation. The T.U.C. committee had been unable to accept either. Mr Woodcock said the T.U.C. had stated a price to the I.P.C.—Mr Cecil Kings “Daily Mirror" group—but he declined to disclose any details. The I.P.C. wants to close down the "Daily Herald,” in which it has the majority shareholding. The T.U.C. holds 49 per cent of the shares. Last year the I.P.C. proposed that they should acquire the holding of T.U.C. and launch a completely new, politically and industrially independent newspaper. The “Daily Herald” was said to be losing £830.000 a year, mainly through failure to attract sufficient advertising. After the personal intervention of the Labour Party leader (Mr Wilson), Mr King agreed to postpone closing down the “Daily Herald” and launching his' new venture until after the next General Election.