Rocky Mountain News, Seattle Post-Intelligencer and now, Chicago Sun-Times may end! - Sitcoms Online Message Boards

Brian Damage · 03-31-2009, 11:00 AM

CHICAGO, Illinois (CNN) — The company that owns the Chicago Sun-Times and 58 other newspapers and online sites said Tuesday it had filed for Chapter 11 bankruptcy.

The Sun-Times Media Group, Inc. said it would continue to operate its newspapers and Web sites as usual while it improves its cost structure and stabilizes operations.

Tuesday’s announcement comes amid a raft of newspaper closings and cuts that has seen the end of The Rocky Mountain News in Denver, Colorado; The Seattle Post-Intelligencer, and The Christian Science Monitor.

The chain that owns the Los Angeles Times and the Chicago Tribune is in bankruptcy and other papers are on the brink. And two industry giants, The Washington Post and The New York Times, announced last week they are cutting costs and staff amid tumbling revenue and continued economic decline.

The Sun-Times said similar cost-cutting measures failed to turn around the company’s fortunes.

“The significant downturn in the print advertising environment that has affected newspapers across the country has continued to severely impact us,” said Jeremy Halbreich, chairman and interim chief executive of the Sun-Times Media Group. “Unfortunately, this deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management, has led us to today’s difficult action.”

Halbreich said the company would explore the potential sale of assets or new investment in the company to help it remain viable.

At least 120 newspapers in the United States have shut down since January 2008, according to Paper Cuts, a Web site tracking the newspaper industry. More than 21,000 jobs at 67 newspapers have vaporized in that time, according to the site.

Newspapers have struggled to meet challenges posed by changing reader habits, a shifting advertising market, an anemic economy, and the newspaper industry’s own early strategic errors.

“We provide the area’s best source of local news and information and remain committed to continuing to serve our readers, advertisers, and communities,” Halbreich said. “We have enjoyed a long, rich history in the Chicago area and our goal is to preserve and sustain these strong print and online news and information assets that are such an integral part of the fabric of Chicago and its neighboring communities.”

The company said it expects the Chapter 11 process to be completed this year.

http://cnnwire.blogs.cnn.com/2009/03...or-bankruptcy/

PunkyP0WER · 03-31-2009, 12:10 PM

internet killed the print media star

browneyes106 · 03-31-2009, 01:34 PM

I really feel bad for the people who work at those newspapers.

Doodyville10019 · 03-31-2009, 05:18 PM

I really REALLY hope that the Sun-Times ends - or gets an extreme makeover after this! The past few years (or at least ever since Rupert Murdoch owned it) the paper's turned mostly into a sensationalist rag. All the SERIOUS journalists left that paper years ago - and I hope the current group there lands better jobs at more serious news outlets if that's what it comes to be.

03-31-2009, 11:00 AM	#1
Brian Damage I'm Rich Bitch Forum Icon Join Date: Feb 03, 2002 Location: What Ain't No Country I Ever Heard Of...They Speak English in What? Posts: 63,107	Rocky Mountain News, Seattle Post-Intelligencer and now, Chicago Sun-Times may end! CHICAGO, Illinois (CNN) — The company that owns the Chicago Sun-Times and 58 other newspapers and online sites said Tuesday it had filed for Chapter 11 bankruptcy. The Sun-Times Media Group, Inc. said it would continue to operate its newspapers and Web sites as usual while it improves its cost structure and stabilizes operations. Tuesday’s announcement comes amid a raft of newspaper closings and cuts that has seen the end of The Rocky Mountain News in Denver, Colorado; The Seattle Post-Intelligencer, and The Christian Science Monitor. The chain that owns the Los Angeles Times and the Chicago Tribune is in bankruptcy and other papers are on the brink. And two industry giants, The Washington Post and The New York Times, announced last week they are cutting costs and staff amid tumbling revenue and continued economic decline. The Sun-Times said similar cost-cutting measures failed to turn around the company’s fortunes. “The significant downturn in the print advertising environment that has affected newspapers across the country has continued to severely impact us,” said Jeremy Halbreich, chairman and interim chief executive of the Sun-Times Media Group. “Unfortunately, this deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management, has led us to today’s difficult action.” Halbreich said the company would explore the potential sale of assets or new investment in the company to help it remain viable. At least 120 newspapers in the United States have shut down since January 2008, according to Paper Cuts, a Web site tracking the newspaper industry. More than 21,000 jobs at 67 newspapers have vaporized in that time, according to the site. Newspapers have struggled to meet challenges posed by changing reader habits, a shifting advertising market, an anemic economy, and the newspaper industry’s own early strategic errors. “We provide the area’s best source of local news and information and remain committed to continuing to serve our readers, advertisers, and communities,” Halbreich said. “We have enjoyed a long, rich history in the Chicago area and our goal is to preserve and sustain these strong print and online news and information assets that are such an integral part of the fabric of Chicago and its neighboring communities.” The company said it expects the Chapter 11 process to be completed this year. http://cnnwire.blogs.cnn.com/2009/03...or-bankruptcy/
	__________________ The Key to the Kingdom of Heaven: John 3:3 *Money Doesn't Buy Happiness...But I'd Rather Cry in My Private Jet*

03-31-2009, 12:10 PM	#2
PunkyP0WER Member Senior Member Join Date: May 23, 2008 Location: MACY*S on 34th St. Posts: 1,908	internet killed the print media star
	__________________ Faith is believing in things when common sense tells you not to. - Fred Gailey & Doris Walker It was the movie that no one thought would be a hit It was the sleeper a studio had no idea how to sell And its success was even more miraculous because this Christmas present was opened in June! Fred & Doris Gailey FOREVER! That's the magic of *macys**

03-31-2009, 05:18 PM	#4
Doodyville10019 Meet my new friend Sparkie! Forum Regular Join Date: Oct 08, 2008 Location: Competition Square, located in Doodyville Park Posts: 877	I really REALLY hope that the Sun-Times ends - or gets an extreme makeover after this! The past few years (or at least ever since Rupert Murdoch owned it) the paper's turned mostly into a sensationalist rag. All the SERIOUS journalists left that paper years ago - and I hope the current group there lands better jobs at more serious news outlets if that's what it comes to be.
	__________________ Hi! Hey! Hello again, here we go again!

03-31-2009, 01:34 PM	#3
browneyes106 Member Forum Veteran Join Date: Apr 01, 2008 Posts: 6,094	I really feel bad for the people who work at those newspapers.