Here is Pruitt's quote from October after he was asked about the deal:
It’s a real estate contract which means we can’t guarantee that that deal will close.That's the way people talk when something is going sideways. But that was 2 months ago, when things were not as bad as they are now. Since October, the crisis in the financial markets has deepened, and the South Florida real estate market is still slumping. With the news that the Miami Herald is up for sale, speculation is growing that the deal is in limbo.
A deal collapse would be devastating to the Herald because the of the magnitude of the deal -- it's a $190 million deal, and the Miami Herald would have realized $115 million in after-tax profits. Ouch!
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