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Red ink in the U.S. newspaper business

Newspapers are in big trouble. ... The Seattle Post Intelligencer and Christian Science Monitor shut down (http://www.msnbc.msn.com/id/29731700/) their print newspapers, but have online editions. The Rocky Mountain News shut down completely. The Boston Globe will be shut down unless the unions agree (http://www.boston.com/business/ticker/2009/04/times_co_threat.html) to $20M in cost cuts. The Chicago Sun-Times and 58 other newspapers owned by the holding company filed for bankruptcy (http://cnnwire.blogs.cnn.com/2009/03/31/chicago-sun-times-files-for-bankruptcy/) last week. The Los Angeles Times and Chicago Tribune are also in bankruptcy. The Washington Post and New York Times have announced lay-offs (http://cnnwire.blogs.cnn.com/2009/03/31/chicago-sun-times-files-for-bankruptcy/) and cost cutting measures. The San Francisco Chronicle lost $50M last year and just last month their unions agreed (http://www.reuters.com/article/mediaNews/idUSN1446604220090315) to cut 150 jobs and other cost cuts. The blog Paper Cuts (http://graphicdesignr.net/papercuts/?page_id=1088) reports there were 15,866 layoffs at US newspapers in 2008 and another 7,979 so far in 2009. Source: Don Dodge blog post, Boston Globe, Chicago Sun Times could shut down this year (http://dondodge.typepad.com/the_next_big_thing/2009/04/boston-globe-chicago-sun-times-could-shut-down-this-year.html) 7 April 2009. Further reading: 5 ideas for business reinvention (ip/business-death-or-reinvention-2.html) and Are you online in real time? (ip/are-you-online-in-real-time-2.html)

Full post as published by Lightbulb IP blog on April 07, 2009 (boomark / email).