Seattle Post-Intelligencer Up For Sale

The newspaper industry is a scary place to be these days. With the announcement by the Hearst Corporation of the 146 year-old Seattle Post-Intelligencer being put up for sale Friday, the fate of print newspapers appears sealed. The Pulitzer Prize winning paper San Juan Star closed its doors in August, The Chicago Tribune filed for chapter 11 bankruptcy protection in December, and The San Diego Union-Tribune cut nearly 30 newsroom positions and explored selling the paper earlier this year. Major consolidation of editing, design, and production offices within parent company papers are also on the rise. Then there's the unprecedented, massive layoffs and job cuts.

Scared, yet, journalists??

At the PI, if after 60 days they don't sell it, they will either close their doors, or become a web-only publication. If someone does buy the PI, one thing is certain: it will only exist online. The broker for the sale, who is based in New York City said, "It's clear that right now the overall marketplace for media is very challenging. The financing climate is very bad, and there have not been a lot of transactions recently."

Even if PI stays an online publication, it seems generating enough online advertising revenue to sustain costs is the biggest concern. The PI lost $14 million in 2008, and online ad revenue doesn't add up to much.

What's sad is the people who love their jobs and are fantastic journalists, like my friend Levi, who's a reporter there for the next 60 days. Even if a miracle did occur, of the 170 newsroom staff, far less would actually stay on.

PI Online blogger Monica Guzman said, "It doesn't feel real," she said. "You hear about the problems in the industry all over the country and you start to think, 'Well, nothing that bad has happened to us yet, so maybe it won't.' You know it's naïve. You know it's stupid. And then it happens."