EXHIBIT 99.2

CHAMPION INTERNATIONAL CORPORATION AGREES TO PURCHASE TWO MILLION SHARES OF 
COMMON STOCK FROM LOEWS CORPORATION AND CALLS FOR REDEMPTION 6 1/2% CONVERTIBLE 
SUBORDINATED DEBENTURES DUE APRIL 15, 2011

STAMFORD, CT, June 27, 1995 -- Champion International Corporation announced 
today the proposed sale of 5,000,000 shares of its outstanding common stock by 
Loews Corporation, as selling shareholder, at a price to the public of $52.45 
per share.  The stock will be offered for sale through Goldman, Sachs & Co., as 
underwriters.  Loews Corporation also has granted the underwriters an 
over-allotment option to purchase up to an additional 500,000 shares.  Of the 
shares being sold by Loews Corporation, Champion has agreed to purchase 
2,000,000 shares at the public offering price.  Champion will not receive any 
proceeds from the sale of the shares by Loews Corporation.  Copies of the 
prospectus relating to the shares being sold on behalf of Loews Corporation may 
be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York.

Separately, Champion also announced that it has called all of its 6 1/2% 
Convertible Subordinated Debentures Due April 15, 2011 for redemption on August 
8, 1995 at the price of 100.65% of their principal amount plus accrued interest 
to the redemption date.  The Debentures are convertible at any time until the 
close of business on the redemption date at the rate of 28.777 shares of the 
company's common stock for each $1,000 principal amount of Debentures, which is 
equivalent to a conversion price of $34.75 per share.  The closing sale price 
of a share of the company's common stock on the New York Stock Exchange on June 
26, 1995 was $53.625.  Details regarding the call, including the Notice of 
Redemption and Letter of Transmittal for use in converting or redeeming the 
Debentures, will be mailed to all holders of record by The Fifth Third Bank, 
Cincinnati, Ohio, which is the Trustee of the issue.

Champion is one of America's leading manufacturers of paper for business 
communications, commercial printing, publications, and newspapers.  
Headquartered in Stamford, Connecticut, the company owns or manages more than 
five million acres of forestlands in the United States and is also a major 
manufacturer of market pulp, plywood, and lumber.