Son of ‘Enquirer’ owner seeks tabloid
By John Newberry
December 19, 1988
The 21-year-old son of Generoso Pope, the late owner of the National Enquirer, says he’ll do all he can to buy the popular supermarket tabloid.
Paul Pope says he has enough financial backing to buy his father’s company, GP Group, which publishes the Enquirer and its sister publication, Weekly World News. “I’m ready to do whatever it takes to keep it in the family. I feel that I have a better chance than nearly everyone out there.”
Generoso Pope, who died of a heart attack Oct. 2, had a clause in his will that ordered the trustees to sell the lucrative company. The Enquirer sells 4.3 million copies weekly at 75 cents a copy – 90% of those sales are at supermarket checkouts and convenience stores.
Paul Pope says the private company could be purchased for $150 million to $300 million, “depending on how bad someone wants it.”
Early indications are several companies have a hankering for the tabloid. “The Enquirer’s power in the supermarket is undeniable,” magazine mogul Peter Diamandis told Advertising Age. “In combination with what we have, (buying it) makes a lot of sense.” Diamandis Communications Inc.’s Woman’s Day sells 5 million monthly in single-copy sales.
Others interested include British media baron. Robert Maxwell, West German-based Bauer Publishing and Canadian investor Mike Rosenbloom whose Globe Communications Corp. publishes three tabloids.