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Hearst Threatens to Close the San Francisco Chronicle

February 24, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Hearst Corp. this afternoon said it may sell or close the San Francisco Chronicle if a new round of cost-saving measures cannot be accomplished in the coming weeks. Hearst said it will undertake “critical cost-saving measures including a significant reduction in the number of its unionized and non-union employees.”

Hearst said the Chron lost more than $50 million last year and that “this year’s losses to date are worse.” The company said the paper has had “major losses” each year since 2001.

The statement is basically a warning to the Chronicle’s unions that they can either play ball or watch the paper go up in flames.

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