Wednesday, February 25, 2009

Old newspaper of San Francisco was on the brink of closure.

The largest and oldest newspaper of San Francisco was on the brink of closing, the Associated Press on Wednesday, February 25.
Currently, the publisher of the newspaper San Francisco Chronicle, a weekly circulation of almost 340 thousand copies, is trying to optimize costs. However, representatives of Hearst Corporation, which publishes the newspaper, said that if in the coming weeks, the financial situation of the San Francisco Chronicle did not improve, the publication will be either closed or sold.
A potential buyer has not communicated. According to the AP, most likely in the near future in the newspaper will reduce losses. Now only one news editorial department employs 275 people.
Hearst Corporation acquired the publication, which has a history of 144 years in 2000 for 660 million dollars. However, advertising revenues San Francisco Chronicle in recent years has been a dramatic decline. Damages for publication in 2008 amounted to $ 50 million.
Note that the San Francisco Chronicle is not the first American edition, which turned out to be due to the economic crisis on the verge of closure or bankruptcy. For example, last Monday, 23 February, began bankruptcy proceedings two Philadelphia newspapers: The Philadelphia Inquirer and Philadelphia Daily News.

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