Submitted by Yi-Wyn Yen02.24.2009
Thunderdome
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This prediction is closed and has been judged.
Hearst Corporation announced that it will close the San Francisco Chronicle if it cannot find a buyer. The 144-year-old Chronicle, with a daily circulation of 339,000, loses an average of $1 million a week. Should the Chronicle disappear, San Francisco would become the largest city to lose its dominant newspaper.
Hearst said there would be drastic cuts to the SF paper, which has rougly 275 newsroom employees, as a last-ditch effort to save the paper.
Hearst had already confirmed that it will fold the Seattle Post-Intelligencer in March if it cannot sell the money-losing newspaper.
Prediction: Hearst Corp. announces the sale of the San Francisco Chronicle or plans to close the SF daily newspaper by June 30, 2009? An announcement by this time frame will be sufficient for a favorable ruling.
Image: LifeHouseDesign/Flickr
Price History
Prediction Statistics
| Betting Closes: | Jun 29 2009 | Current Consensus: | 9.98% | Total Bets: | 20 |
| Today's Change: | 0% | ||||
| Life Time High: | 65.70% | ||||
| Life Time Low: | 9.98% |
Comments
Hearst is finding a hard time finding buyers for its assets and is considering 50% headcounts reduction
Hearst Corp/San Francisco Chronicle has reached a tentative agreement with its largest union on contract concessions, a key step in keeping the newspaper from being sold or closed, officials announced Monday, March 9th.
@Edward, there were statements that were made that these concessions albeit is positive remains insufficient (even acknowledged by the union). If revenue condition does not improve, Hearst can still pull the plug, go online only or sell (which is more attractive to potential buyers given the contract concessions). With a judgment date at end of June, there are still possibility of this happening.
SF Chronicle potentially goes nonprofit?
Judged. This hasn't happened ... yet.
Ian Lamont
Managing Editor
The Industry Standard
twitter.com/the_standard
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