The Hearst Corporation said it will close down the Seattle Post-Intelligencer after 146 years of operation. This will leave only one major newspaper, The Seattle Times, in the metro area. The SPI lost 14 million bucks last year and Heast was unable to find a buyer for the paper. The last edition will be published this Tuesday.
In a statement the company said:
The company, however, said it will maintain seattlepi.com, making it the nation’s largest daily newspaper to shift to an entirely digital news product.
It was also reported that:
Demand for news has not fallen but the revenue model has changed faster than American newspapers can keep up. Thus, falling advertising revenue and the migration of readers to online has rocked newspapers large and small. The Rocky Mountain News in Denver closed in February. The Seattle P-I is the second newspaper to shut down in 2009.
Other major newspaper companies are reducing staff, eliminating bureaus and freezing pay in an attempt to get expenses in line with falling revenue.
I believe we will see many more newspapers and magazines going all digital during 2009. The newspaper as we know it may be coming to an end.