Hearst Publishing will either dump or close the San Francisco Chronicle. This paper joins a growing list of publications entering the dumper. Hearst acquired the SF newspaper in 2000, and the liability has grown too much to bear.
The unreliability of these publications is usually not mentioned as a reason for the declining popularity. The most popular excuse is the burgeoning internet competition.
Just this past weekend, the company holding the Philadelphia Inquirer has filed chapter 11 bankruptcy. Owners of the Los Angeles Times and the Minneapolis Star Tribune have done the same, due to severe decreases in advertising revenue. Why do the advertisers leave???? Because people aren’t reading those papers anymore!
Washington Post profits for last quarter show a 72 drop from the same quarter last year. The 1.8 million uptick in internet revenue was not nearly enough to compensate for the 28 million dollar drop from the print media. The Post already announced closure of a plant in Maryland to save money.