John Henry Murphy III is the great-nephew of the founder of one of the country's most influential African-American newspaper empires. A leading force in the Afro-American Newspaper Company from 1937 until 1986, he carefully guided the Baltimore-based newspaper chain, which published editions for a half-dozen cities on the Eastern Seaboard, through an economic roller-coaster ride. The company, like the African-American press in general, enjoyed boom years during the 1940s and 1950s, experienced turbulence during the civil rights movement of the 1960s, and struggled for survival during the 1970s and 1980s.

Throughout the highs and lows Murphy maintained strong fiscal management. He always worked on the business side of the company, having little interest in the editorial content of the newspapers, and his decisions were securely anchored in conservative principles. Even when financial crises became so severe that they threatened the survival of the company, Murphy was unwilling to launch innovative...