Wendy McCaw to buy Santa Barbara paper

SEATTLE - Wendy McCaw, the billionaire ex-wife of Seattle-area cellular-phone pioneer Craig McCaw, has agreed to buy the Santa Barbara News-Press from The New York Times Co.

Wendy McCaw said she believed the 45,300-circulation paper should have local ownership because "it's the voice of the community," and she promised to put "quality before the bottom line."

The sale to her Ampersand Holdings for an undisclosed price is expected to close in 45 to 60 days. The deal was reached Friday night and announced yesterday in the News-Press.

Wendy McCaw, 48, an investor and philanthropist who favors environmental and community causes, is worth an estimated $1.5 billion, according to Forbes magazine, which lists her among the nation's 200 wealthiest people.

Her Wendy P. McCaw foundation funds environmental efforts including preservation of wildlife habitat and helped finance the effort to return Keiko, the killer whale from the movie "Free Willy," to the sea.

McCaw said she would consider options for newsprint from sources other than trees, possibly rice or kenaf, a fast-growing fibrous plant.