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Source: Seattle P-I To Be Sold Or Closed
KING 5 news has learned that Seattle may soon become a one newspaper town.Like many newspapers across America the Seattle Post-Intelligencer has been struggling to survive. Now, a source close to the deal tells KING 5 that the paper's owner, Hearst Corporation, will announce as soon as tomorrow that it's putting the P-I up for sale. Under the joint operating agreement between the P-I and The Seattle Times, the P-I must be offered for sale for at least 30 days before it can cease operation. The joint operating agreement was formed in 1983 in an effort to keep both papers healthy. The P-I was granted a monopoly on morning publication. At that time The Seattle Times was one of the only profitable afternoon papers in the country. But in 1999 the joint operating agreement was modified to allow the Times to begin publishing in the morning. Critics predicted that would eventually lead to the demise of the P-I. We're told Hearst does not expect another buyer to step forward and that Seattle will likely become a one newspaper town within the next few months. A call to the Seattle P-I publisher's office for comment has not yet been returned. It would be the end of an era - the P-I put out its first edition in 1863 and was the city's first newspaper. It's unclear how this will affect The Seattle Times or the Blethen family, which owns 51 percent of that paper. This would be a fine acquisition for a wealthy, conservative Republican. Say Rush Limbaugh. Posted by: Anonymoose 2009-01-09 |
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