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The Herald's publisher, the Melbourne Newspaper Company, was sold in 1891 to the City Newspaper Company. In 1892 it acquired the Weekly Times and formed the Herald & Standard Newspaper Company.
Originally a morning paper, the Herald changed to an evening publication on 4 January 1869. Staff retrenched at this time formed a company to publish the Melbourne Daily Telegraph, managed by Charles Somerton. He saw an opportunity to publish a weekly companion publication and the Weeky Times was launched on 11 September 1869.