Business Notes Newspapers

His background is newspapering, but Robert Maynard showed the cunning of an investment banker last week in preventing the Oakland Tribune from closing down for good. Maynard, the only black owner of a metropolitan newspaper in the U.S., raised the last-minute cash by playing on the rivalry between the paper's largest creditor, the Gannett chain, and that company's retired chief, Allen Neuharth.

Maynard bought the paper from Gannett for $22 million in 1983 but stopped payments in 1986. Now owing $31.5 million, including interest, he threatened to close the money-losing daily unless Gannett settled for $2.5 million. Maynard then arranged for financing from the Freedom Forum, which was known as the Gannett Foundation until its leader, Neuharth, had a falling-out with his former employer earlier this year. Neuharth's foundation will invest $5 million in the paper for an option to buy a 20% stake. Gannett will receive a $2.5 million note payable in 1994, plus preferred stock.

Maynard, who retains control, stands to make some profits. Besides a vastly reduced debt load, he has obtained major concessions from employees.