Sara April of US merger-and-acquisition firm Dirks, Van Essen & April tells the story of the 1920 battle between two newspaper publishers.

Both Warren Harding and James Cox came from Ohio, and were little-known outside of the state. "Cox started as a schoolteacher and then worked as a reporter before buying the Dayton News in 1898. Harding also started his career teaching at a country school and then moved into journalism.

"Never before or since have the two major party presidential nominees been so similar," she says. "Both men built their papers into vaunted successes, Harding with the Marion Morning Star and Cox with the Dayton Daily News, but both were persuaded to give up their lucrative publishing positions to run for public office.

"Neither man was the first choice of their respective parties. Harding was nominated on the tenth ballot of his convention as a compromise candidate. Cox was also a compromise candidate, elected to represent the Democrats on the convention's 44th ballot."

The two Ohioans campaigned in quite different styles. Cox launched the first truly national presidential campaign. He carried his appeals to the American people, offering his views and ideas, all while fighting back the criticisms of his party. In total, Cox would deliver approximately 394 scheduled speeches (not counting casual conversations and interviews), travelled more than 22,000 miles, and visited a total of 36 (out of 48) states. Harding chose to stay at home and declined to make scheduled appearances with Cox to discuss the issues one-on-one.

April says the election was not close: "Harding won with 16 million out of a total of 26 million votes, became the 29th president of the United States and went on to have, most would agree, a very undistinguished presidency.

"He died of a heart attack three years after taking office and just after he had sold the Marion Morning Star.

"Cox continued to argue for changes he thought were necessary in the country, and he built his newspaper company, eventually moving to Atlanta where he acquired the Atlanta Journal Constitution in 1939. Privately-held Cox Enterprises, which he founded, is estimated to have a value in excess of US$20 billion today."

As many will know, James Cox's reclusive granddaughter Blair Parry-Okeden lives in country Australia in Scone, NSW, and is one of the country's richest people. She inherited a 25 per cent stake in the media empire after the death of her mother in 2007. Current chief executive and president Alex Taylor is Cox's grandson.

Pictured: Early days for the Dayton News (photo Cox Enterprises)