media demise

The Best of Times - The Worst of Times

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Just this past week the Hearst Corporation announced from New York that “in an effort to reverse the deepening operating losses of its San Francisco Chronicle, it is seeking significant near-term cost savings that would include deep cuts in both union and non-union staff.” In its statement Hearst said “if the savings cannot be accomplished quickly the company will seek a buyer, and if none comes forward, it will close the Chronicle”.

The Chronicle lost more than $50 million in 2008 and is on a pace to lose more than that this year, Hearst said. The company had announced January 9th that if a buyer is not found by March for one of its other 15 newspaper holdings, the Seattle Post-Intelligencer, it will close that paper, which has lost money since 2000.  read more »