Posted on 02/24/2009 3:55:19 PM PST by NormsRevenge
NEW YORK -- The Hearst Corp. today announced an effort to reverse the deepening operating losses of its San Francisco Chronicle by seeking near-term cost savings that would include "significant" cuts to both union and non-union staff.
In a posted 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.
Frank J. Vega, chairman and publisher of the Chronicle, said, "It's just a fact of life that we need to live within our means as a newspaper - and we have not for years."
Vega said plans remain on track for the June 29 transition to new presses owned and operated by Canadian-based Transcontinental Inc., which will give the Chronicle industry-leading color reproduction.
If the reductions can be accomplished, Vega said, "We are optimistic that we can emerge from this tough cycle with a healthy and vibrant Chronicle."
The company did not specify the size of the staff reductions or the nature of the other cost-savings measures it has in mind. The company said it will immediately seek discussions with the Northern California Media Workers Guild, Local 39521, and the International Brotherhood of Teamsters, Local 853, which represent the majority of workers at the Chronicle.
...
Hearst purchased the Chronicle in 2000, but soon afterward felt the impact of an economic downturn in the dot.com sector as well as the loss of classified advertising to Craigslist and other online sites. The problems have been exacerbated by the current recession.
In the news release, the privately-held, New York-based company said that the Chronicle has had "major losses" since 2001.
(Excerpt) Read more at sfgate.com ...
Ping
Probably because it became such a crap liberal rag NOBODY outside of San Francisco wanted to read it.
May you fail as soon as possible!
Lemmie guess. The San Francisco Chronicle is an ultra left wing newspaper that has no problem supporting insane union contracts and rules on the rest of America...
You musta peeked at the answer.
Let them blame it on those same breeders who gave them proposition 8.
I would think you could sell a conservative paper in the Central Valley (think the Bee circulation). You might as well do it online and avoid union participation. Finding suitable journos might be a problem though.
I think we might be surprised how willing some reporters would be to write objective material in order to get a job again.
They might have to grit their teeth for the first month.
That would be cool. You’d only need a conservative editor and they’d be in line (or quit) shortly.
You could keep one lefty on hand for old times’ sake.
It would be a real loss if they had been a force for truth and honesty.
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