The bad times for the newspaper industry reached a milestone Thursday when the Rocky Mountain News announced it would close and publish its final edition on Friday.E.W. Scripps Co. said it was shutting down the 150-year-old Denver newspaper after failing to find a buyer for the money-losing publication. The action leaves the Denver Post as the city’s only major newspaper.
And it probably won’t be the last major metro newspaper to go under either. Hearst Corp.’s San Francisco Chronicle and Gannett Co.’s Tucson Citizen in Arizona also are on the chopping block if they can’t find buyers. Hearst also said it may shutter the Seattle Post-Intelligencer or turn it into a Web-only operation if it’s not sold by March, according to Bloomberg.
Still other newspaper companies have sought Chapter 11 bankruptcy protection, including Chicago’s Tribune Co.
Newspapers are suffering from a poor economy, fewer subscribers and declining advertising. Freely available news on the Internet has drawn away readers and advertisers in droves. Newspaper web sites are popular, but don’t generate enough revenue to support large newsroom operations.
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