News Corp. Close to Selling Weekly Standard

News Corp. is nearing a deal to sell the Weekly Standard, a magazine about conservative politics, to Denver billionaire Philip Anschutz, according to a person familiar with the situation. The potential sale price was unknown, as well as when a deal may be completed. The magazine industry is under severe financial pressure as ad markets suffer because of the recession & rise of online media, which offers advertisers & readers an alternative to print. At News Corp., a stand-alone magazine like the Weekly Standard isn't considered a core asset, the person said. News Corp., a global media empire controlled by Rupert Murdoch, owns newspapers including The Wall Street Journal and the NY Post as well as Dow Jones Newswires, film studios & TV networks. Anschutz is an oil, railroad & media investor known for supporting conservative Christian causes. In Sept., he was named the 36th richest American by Forbes with a net worth then of over $8B. News of the negotiations was reported earlier by the Los Angeles Times.