As Prof. Westphal mentioned, Hearst is planning to sell its San Francisco Chronicle newspaper unless it can cut more jobs. ( San Francisco Chronicle may shut down )
It seems like San Francisco may become the largest city to lose its main daily newspaper.
So far, New York times and Gannett are cutting cost and selling assets due to the sharp decline in print advertising sales. Philadelphia Newspapers, publisher of the Inquirer filed for bankruptcy protection.
And more excerpts from Bloomberg.
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Miami Herald-publisher McClatchy Co., Media General Inc. and New York Times suspended their dividend to cope and Gannett cut about 4,000 jobs last year. New York Times is looking for buyers of its minority stake in the Boston Red Sox baseball team.
Tribune Co.’s bankruptcy filing in December was followed last month by the Minneapolis Star Tribune. Tribune has been cutting jobs and costs at its eight dailies, which include the Los Angeles Times and Chicago Tribune.
Seattle and Tucson, Arizona, where Gannett is trying to sell its Citizen newspaper, both have two competing for-charge dailies. Clarity Media Group distributes its free Examiner daily in San Francisco.
Hearst said Jan. 9 it would close or turn its Seattle Post- Intelligencer into a Web-only operation if it couldn’t find a buyer by March. The newspaper lost $14 million last year.
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