San Francisco Chronicles May Close the Doors. Another Recession VictimBy Angsuman Chakraborty, Gaea News Network
Wednesday, February 25, 2009
Recession spares none. And now its time for media. San Francisco Chronicles, one of the most known newspapers around the world, may face the bitter consequences of losing $14 Million last year. Hearst Co. plans to close or sell its San Francisco Chronicle newspaper unless it can cut more jobs signals that the industry’s advertising sales may be headed to new lows.
Metro newspapers are facing a terrible environment in long-run terms. You’ve got to hope for economic recovery, but you’ve got to hope for a better business model, too.
said Paul Steiger, a former Wall Street Journal managing editor and director of the nonprofit news Web site ProPublica. Even the likes of NYtimes too are rapidly cutting cost by lay offs and other measures. The situation is really grave as San Francisco may be the first large city to lose its leading newspaper.
I will leave you with a reaction that best describes the helpless situation:
Don’t expect anyone to buy it,
said Ken Doctor, an analyst with media consultant Outsell Inc. in Burlingame, California.