Monday, January 12, 2009

Seattle Post-Intelligencer Faces Closure if Buyer Isn't Found Soon

The Wall Street Journal - The Seattle Post-Intelligencer is in jeopardy, as owner Hearst Corp. said it will close the newspaper unless a buyer is found quickly.

Hearst said Friday that if a buyer for the Post-Intelligencer isn't found in 60 days, the 118,000-circulation daily will close or become an online-only publication. Hearst said the paper has been losing money since 2000, including a $14 million loss last year, and that more red ink is expected in 2009. The move leaves uncertain the fate of Seattle's unusual newspaper market. Under a joint operating agreement, the Seattle Times handles advertising sales, production and distribution operations for both papers, though each maintains separate news staffs that often fiercely compete for news. Hearst said it is also putting up for sale its half of the joint operating agreement.

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