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US Newspapers Resorting To Closures, Bankruptcy
The Bulletin ^ | Thursday, February 26, 2009 | John P. Connolly

Posted on 02/26/2009 9:21:54 AM PST by curth

Four companies that own 33 daily U.S. newspapers have filed for bankruptcy or were put up for sale in the past three months, threatening to close papers that fail to restructure their debt or find buyers.

The San Francisco Chronicle became the latest casualty of a struggling print news industry. Hearst Corporation, the parent company of The Chronicle, announced this week that if it cannot adequately and quickly slash expenses, then it would close or sell the paper.

The Chronicle is northern California’s largest newspaper with a paid weekday circulation of 339,430. If the paper closes, the only other newspaper in San Francisco would be The San Francisco Examiner, which is owned by the Anschutz Company.

Hearst purchased The Chronicle in 2000 for $660 million and was quickly affected by the rise of Internet news. The Chronicle’s circulation dropped by 16 percent between 2004 and 2005, and in 2006, daily circulation dropped from 400,906 to 373,805. The Chronicle reportedly lost $50 million last year.

Also on Hearst’s list of troubling papers is the Seattle Post-Intelligencer, which will cease operations if a buyer isn’t found before early April. A similar fate awaits Scripp’s Rocky Mountain News in Denver and Gannett’s Tucson Citizen in Arizona.

The Post-Intelligencer has lost money every year since 2000, including a $14 million loss in 2008, with a projection for a worse performance in 2009. The paper fought for four years to keep the Seattle Times in a joint operating agreement designed to exempt newspaper from antitrust laws to allow the survival of multiple daily newspapers in a given urban market. The Times, which was forced to share advertising revenue and operating facilities with the Post-Intelligencer, agreed in 2007 to continue the arrangement until 2016.

Hearst announced in January if a buyer was not found,

(Excerpt) Read more at thebulletin.us ...


TOPICS: Politics
KEYWORDS: bias; closing; newspapers

1 posted on 02/26/2009 9:21:54 AM PST by curth
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To: curth

Doing their part to save trees.


2 posted on 02/26/2009 9:27:45 AM PST by erkyl (The hottest places in hell are reserved for those who, in a period of moral crisis, stay neutral)
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To: erkyl

They’re not closing the paper; they’re going carbon neutral.


3 posted on 02/26/2009 9:29:49 AM PST by 6SJ7 (Atlas Shrugged Mode: ON)
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To: curth

“The San Francisco Chronicle became the latest casualty of a struggling print news industry. Hearst Corporation, the parent company of The Chronicle, announced this week that if it cannot adequately and quickly slash expenses, then it would close or sell the paper. “

YES!!!!!!!!!


4 posted on 02/26/2009 9:56:28 AM PST by ScottinVA (Make my world PURRRFECT, Lord Obama!)
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To: curth

This is what I posted earlier this morning about our Leftist rag the Seattle PI

P-I Employees Bracing For Paper’s Shutdown

http://www.kirotv.com/news/18797290/detail.html

SEATTLE — On Wednesday, employees of the Seattle Post-Intelligencer newspaper learned how to file for unemployment after the paper shuts down.

Though the paper is still up for sale and it’s possible that someone could buy it, the closure of the paper is increasingly likely. Dan Raley wasn’t scheduled to work Wednesday, but the longtime sports columnist was at the P-I building anyway for a meeting he said he didn’t want to attend.

“I’m here for an unemployment benefits meeting, something I can’t imagine I’d ever be doing,” said Raley.

After 30 years at the paper, Raley and other P-I employees are facing the likelihood they’ll soon be out of work.

“It’s just like being on death row. It’s not fun, it’s not encouraging, but a lot of people are going through this so it’s not like we feel alone,” said Raley.

http://www.freerepublic.com/focus/f-chat/2194507/posts


5 posted on 02/26/2009 10:21:28 AM PST by NavyCanDo
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To: NavyCanDo
Seattle P-I ToeTag
6 posted on 02/26/2009 10:23:09 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: curth

Good, I hope most supported him!


7 posted on 02/26/2009 2:34:36 PM PST by ronnie raygun (Is it time for my medication, reality is starting to set in.)
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To: ronnie raygun

If they just “reported” the news with no bias, and didn’t insult me before I finish the front page, I would probably still be getting a newspaper delivered to my home each day.


8 posted on 02/26/2009 3:39:02 PM PST by curth (Team Sarah doesn't want me - http://www.conservatives4palin.com/)
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