John Mecom offered $85 million for the newspaper, its building, a 30 percent interest in Texas National Bank of Commerce, and the historic Rice Hotel. Early in 1966, Mecom encountered problems raising the additional cash to complete the transaction. He then began lining up potential buyers for the newspaper, which included non-Houstonians such as Sam Newhouse, Otis Chandler and the Scripps-Howard organization. Creekmore strongly believed that local persons should own the paper. He insisted that Mecom pay the $84 million debt immediately in cash. Mecom cancelled his purchase agreement. In 1968, the Chronicle set a Texas newspaper circulation record. In 1981, the business pages—which until then had been combined with sports—became its own section of the newspaper. Creekmore remained as publisher until Houston Endowment sold the paper to the Hearst Corporation. 1987–present: Hearst Corporation era On May 1, 1987, the Hearst Corporation purchased the Houston Chronicle from Houston Endowment for $415 million. Richard J. V. Johnson, who had joined the paper as a copy editor in 1956, and worked up to executive vice president in 1972, and president in 1973, remained as chairman and publisher until he retired on April 1, 2002. He was succeeded by Jack Sweeney. In 1994, the Chronicle switched to being a morning-only paper. With the demise of the Houston Post on April 18 the next year, the Chronicle became Houston's sole major daily newspaper. On October 18, 2008, the paper endorsed Senator Barack Obama for President of the United States in the 2008 U.S. Presidential Election, the first Democrat to be endorsed by the newspaper since 1964, when it endorsed Texan Lyndon B. Johnson. It endorsed Mitt Romney in 2012, but endorsed Hillary Clinton in 2016, and Joe Biden in 2020. Locally, the Chronicle endorsed Wendy Davis for governor in 2014, and Sylvester Turner for mayor in 2015. Additionally, the Chronicle initially endorsed Jeb Bush for the 2016 Republican primary, but did not endorse any other candidate after he dropped out. 2018 source-fabrication scandal In September 2018, then-executive editor Nancy Barnes released a statement on the Chronicles website notifying readers for the first time that the paper's Austin bureau chief, Mike Ward, had resigned and was the subject of an internal investigation after questions were raised by a staff member over fabricating sources. Barnes opted not to disclose the source-fabrication or Ward's resignation to Chronicle readers and the general public until she was contacted by