Posted on 02/24/2009 3:11:44 PM PST by abb
The Hearst Corp. said Tuesday that unless the San Francisco Chronicle can undertake "critical" cost cutting measures including job cuts within weeks, the company will be forced to sell or close the newspaper. Hearst said the Chronicle lost more than $50 million last year and added that, "this year's losses to date are worse." The Chronicle has had major losses each year since 2001, Hearst said. The closely-held media company said cost reductions including an unspecified reduction in union and non-union employees are needed to restore the Chronicle to health.
(Excerpt) Read more at marketwatch.com ...
You never considered their editorials to be part of the funny pages?
Okay.
You're not laid off but your job's been eliminated.
The headline does not compute.
The "Hearst Corp" needs to know the world doesn't need fewer journalist, it needs more readers. (Hint: giving the finger to have the potential customers - in any business - results in failure.)
When the Hearsts have to close a paper, the world really has changed.
Now, who wants to start a party list for the de-listing of the NYT when it’s stock breaks below a buck a share!
The SF Chronicle is the most vile liberal dirt rag out there. I hope it DIES.
http://bottomlinecom.com/kcnews/kcstartocutbureaus.html
KC STAR MAY CUT SEVERAL BUREAUS
Troubled San Francisco paper in danger of closing
San Francisco Chronicle to be sold or closed if owner can't lower expenses dramatically
Is there a place where we get to vote for who is fired?
Whatever will Mark M0rford do? Poor baby!
I thought it was just me. They mean unless they get big layoffs, the paper will close.
A rare nonsense headline from Editor and Publisher.
The deYoung heirs were the smartest people in the world. They sold The Chronicle to Hearst for $660 million and KRON-TV for $823 million to a company that ended up filing for bankruptcy... that’s a whopping $1.5 billion for media assets that have fared very badly.
Don’t forget the Pulitzer family selling the St. Louis Post for a pile before the roof fell in.
http://www.hearst.com/news_content.php?id=477
STATEMENT ON SAN FRANCISCO CHRONICLE COST-SAVING INITIATIVES
NEW YORK, February 24, 2009 - Hearst Corporation announced today that its San Francisco Chronicle newspaper is undertaking critical cost-saving measures including a significant reduction in the number of its unionized and nonunion employees. If these savings cannot be accomplished within weeks, Hearst said, the Company will be forced to sell or close the newspaper.
Hearst said that the Chronicle lost more than $50 million last year and that this year’s losses to date are worse. The Chronicle has had major losses each year since 2001.
“Because of the sea change newspapers everywhere are undergoing and these dire economic times, it is essential that our management and the local union leadership work together to implement the changes necessary to bring the cost of producing the Chronicle into line with available revenue,” said Frank A. Bennack, Jr., vice chairman and chief executive officer, Hearst Corporation, and Steven R. Swartz, president of Hearst Newspapers. They added, “Given the losses the Chronicle continues to sustain, the time to implement these changes cannot be long. These changes are designed to give the Chronicle the best possible chance to survive and continue to serve the people of the Bay Area with distinction, as it has since 1865. Survival is the outcome we all want to achieve. But without the specific changes we are seeking across the entire Chronicle organization, we will have no choice but to quickly seek a buyer for the Chronicle or, should a buyer not be found, to shut the newspaper down.”
Hearst noted that these cost reductions are part of a broad effort to restore the Chronicle to financial health. The Chronicle has been asking its readers to pay more for the product through home delivery and single-copy price increases. In June, the Chronicle expects to begin printing on new presses owned and operated by Transcontinental Inc., which will give the Chronicle industry-leading color reproduction capabilities.
Best news of the week if this happens.
I find myself somehow at peace knowing that the headline writers and I are not on the same semantic wavelength.
:)
I'll crack open a bottle of the good stuff when this filth goes the way of the Dodo!
And these IDIOTS are the only paper in town! For just a bit longer. HAPPY DANCE!
Hearst seeks changes at Chronicle (including significant cuts to union and non-union staff)
http://www.freerepublic.com/focus/news/2193208/posts?page=1
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.