By: E&P Staff Frank Blethen, CEO and publisher of The Seattle Times, released the following statement tonight:
"Today's surprise announcement that Hearst Corporation has put the Seattle P-I up for sale and will close it in 60 days if there is no buyer is a reflection of two realities: that structural changes, which began as far back as 2000, have made it impossible for cities to profitably support two newspapers; and, that the devastating recession in which we are mired has made it very hard for even a single metro paper to be profitable. Indeed, several newspapers and newspaper chains across the country are in or are on the verge of bankruptcy.
"If the P-I does close and the JOA ends, it will enhance the chances that The Seattle Times can survive the recession even though our continued operation will require additional sacrifices by its employees and owners.
"The JOA structure is inefficient and has been a significant part of the deep losses experienced at both papers.
"Long term, post-recession, we believe single metro newspapers/Web sites will be viable businesses, and more importantly, significant community assets providing a sense of place, news, community connection and watchdog journalism. While we have always believed that a locally owned newspaper is a special asset to its community, The Seattle Times has limited resources to ride out the recession. We have committed to do everything we can to preserve The Seattle Times as a local independent newspaper."
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