Tuesday, February 24, 2009

San Francisco Chronicle to cut jobs, might close

Hearst Corp will lay off a "significant" number of jobs at the money-losing San Francisco Chronicle, and may shut the daily paper if it cannot cut costs within weeks.

It would be the second West Coast U.S. newspaper that the New York-based publisher may shut down in coming weeks as they struggle with a devastating decline in advertising revenue and big losses.

Privately held Hearst has said it might take the Seattle Post-Intelligencer online only or close the paper if it cannot find a buyer by mid-March.

The Chronicle lost more than $50 million last year and this year's losses to date are worse, Hearst said in a statement on its website on Tuesday. It has lost "major" amounts of money since 2001, a year after Hearst bought the paper.

"Given the losses the Chronicle continues to sustain, the time to implement these changes cannot be long," said Hearst Corp Chief Executive Frank Bennack Jr.

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