Murdoch bought another London newspaper.

Rupert Murdoch agreed to acquire 90% of the money-losing Today newspaper from Lonrho PLC for the equivalent of $61 million, beating out his rival Robert Maxwell of Mirror Group Newspapers. Britain’s first electronically produced national paper and its only full-color daily, Today was launched in March, 1986, but quickly fell on hard times and is still expected to lose $48 million this year. Lonrho bought control and saved the morning tabloid from collapse almost a year ago, while its founder, Eddie Shah, retained a 10% stake. Murdoch’s purchase is subject to government approval.