Founding of A Corporation
Ever the businessman, Hearst continuously offered to buy the Times-Union from the Gannett, Davenport, and their friend Woodard J. Copeland. By 1923, this seemed to be an appealing deal to Davenport and Copeland, as both were both in poor health. If the two went through with the deal, it would ultimately leave Gannett out in the cold. So he decided to make his friends an offer they could not refuse. If given enough time to raise $250,000, Gannett would buy both of their stakes in the Times-Union, making him the sole owner of the Times Union. In order to obtain these funds, Gannett formed a new corporation, Gannett Co., Inc. So, at age 48 Frank Gannett became the owner of six newspapers in five upstate New York cities.
Read more about this topic: Frank Gannett
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