Hearst threatens to close historic 'San Francisco Chronicle'

San Francisco could become the biggest city in the US without a daily newspaper if the San Francisco Chronicle's owner, Hearst, follows through on a threat to shut its doors.

The historic newspaper company says the Chronicle's 1,500 staff must agree to deep cuts and at least scores of redundancies within the next few weeks if they want to save the paper.

The crisis in the US newspaper industry has accelerated in the past few weeks, as proprietors respond to a collapse in advertising revenue that has been compounding the longer-term problem of declining readership. Dozens of local titles are under threat of closure and two regional newspaper groups went bankrupt last weekend.

The San Francisco Chronicle would be by far the biggest casualty to date. It is the 12th most read paper in the US, serving the country's 14th largest city by population. Gavin Newsom, the San Francisco mayor, warned of the consequences of its closure. "The Chronicle plays an important role in our civic life and we don't want to see this treasured institution close its doors," he said.

Hearst, founded by the magnate William Randolph Hearst, says the Chronicle is losing $50m (£35m) a year. "Survival is the outcome we all want to achieve," the company's chief executive, Frank Bennack, said. "But without specific changes we are seeking across the entire Chronicle organisation, we will have no choice but to quickly seek a buyer for the Chronicle, and, should a buyer not be found, to shut down the newspaper."

The history of the Chronicle stretches back to the California gold rush, when San Francisco was growing rapidly. It was founded as the Daily Dramatic Chronicle in 1865, by teenage brothers.

A union meeting was being held yesterday to discuss the closure threat.

Across the US newspaper industry, advertising revenues are falling at a faster pace than at any point in 37 years, and owners have been scrambling to cut costs, axing dividends to shareholders and selling non-newspaper assets to pay off debt.

Philadelphia Newspapers, owner of the East Coast city's famous Philadelphia Inquirer, filed for bankruptcy on Sunday, after being overwhelmed by debt. The Journal Register Co, owner of the New Haven Register, had filed for bankruptcy protection the previous day.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Mortgage Advisor - OTE £95,000

£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...

SThree: Trainee Recruitment Consultant

competitive: SThree: Are you passionate about sales?Do you have a keen interes...

Recruitment Genius: Loan Adviser - OTE £30,000

£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Day In a Page

Isis in Syria: Influential tribal leaders hold secret talks with Western powers and Gulf states over possibility of mobilising against militants

Tribal gathering

Influential clans in Syria have held secret talks with Western powers and Gulf states over the possibility of mobilising against Isis. But they are determined not to be pitted against each other
Gaza, a year on from Operation Protective Edge: A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians

Gaza, a year on from Operation Protective Edge

A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians
Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously

Illnesses, car crashes and suicides

Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously
Srebrenica 20 years after the genocide: Why the survivors need closure

Bosnia's genocide, 20 years on

No-one is admitting where the bodies are buried - literally and metaphorically
How Comic-Con can make or break a movie: From Batman vs Superman to Star Wars: Episode VII

Power of the geek Gods

Each year at Comic-Con in San Diego, Hollywood bosses nervously present blockbusters to the hallowed crowd. It can make or break a movie
What do strawberries and cream have to do with tennis?

Perfect match

What do strawberries and cream have to do with tennis?
10 best trays

Get carried away with 10 best trays

Serve with ceremony on a tray chic carrier
Wimbledon 2015: Team Murray firing on all cylinders for SW19 title assault

Team Murray firing on all cylinders for title assault

Coaches Amélie Mauresmo and Jonas Bjorkman aiming to make Scot Wimbledon champion again
Wimbledon 2015: Nick Bollettieri - Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!

Nick Bollettieri's Wimbledon Files

Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!
Ashes 2015: Angus Fraser's top 10 moments from previous series'

Angus Fraser's top 10 Ashes moments

He played in five series against Australia and covered more as a newspaper correspondent. From Waugh to Warne and Hick to Headley, here are his highlights
Greece debt crisis: EU 'family' needs to forgive rather than punish an impoverished state

EU 'family' needs to forgive rather than punish an impoverished state

An outbreak of malaria in Greece four years ago helps us understand the crisis, says Robert Fisk
Gaza, a year on from Operation Protective Edge: The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas

Gaza, a year on from Operation Protective Edge

The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas
How to survive electrical storms: What are the chances of being hit by lightning?

Heavy weather

What are the chances of being hit by lightning?
World Bodypainting Festival 2015: Bizarre and brilliant photos celebrate 'the body as art'

World Bodypainting Festival 2015

Bizarre and brilliant photos celebrate 'the body as art'
alt-j: A private jet, a Mercury Prize and Latitude headliners

Don't call us nerds

Craig Mclean meets alt-j - the math-folk act who are flying high