Jan 9, 2009

Sobbing in Seattle

The Seattle Post-Intelligencer today reports on its own uncertain future now that it's been put up for sale:
...and if after 60 days it has not sold, it will either be turned into a Web-only publication with a greatly reduced staff or discontinued entirely...
The P-I is owned by Hearst Corporation, the same company that owns the San Francisco Chronicle - the same San Francisco Chronicle that's rumored to be losing $1 million a week.

Hearst is also the largest holder of MediaNews Group debt, a fact MediaNews came to rely on when its debt rating slipped and rumors of a Tribune Co.-style bankruptcy were bandied about. From Editor and Publisher:
"By far, the largest debtholder of MediaNews is our partner, which is a lot different than Tribune," the [MediaNews] spokesman said, referring to Hearst Corporation, which holds a stake in some 115 MediaNews newspapers published outside of California.


Anonymous said...

Dean Singleton and all you wanna be newspaper men. Take a look at Rupert Murdoch and strive to be like him in your next life because you will never be a successful newspaper man as he was, is and will be. Rupert KNOWS what it takes to run a successful newspaper in these "economic" times, you Efing loosers. Amen.

Anonymous said...

"I'm Dean Singleton; let me just put everything on the company credit card."

Anonymous said...

From the credit card company.

Dean, you had an unlimited credit limit and you have now exceeded it!

Edward Barrera said...

I think it's hilarious that Murdoch is now the dean of journalism. As for his business acumen:

"Rupert Murdoch’s News Corporation stock has struggled since purchasing The Wall Street Journal a year ago..News Corp’s stock is trading at less than six-times-earnings..it is a sign of the times –businesses supported by
advertising will continue to have a tough go of it..."If they’re being supported by advertising across almost every platform, that’s a major problem.”

-- Sound familiar?