Hearst looking for buyer for Seattle Post-Intelligencer newspaper

10 January 2009

Hearst Corporation is reported to be looking for a buyer for its Seattle Post-Intelligencer newspaper within two months of losing $14 million in 2008 on account of tapering circulation and advertising revenue.

In a statement, Hearst said that if its attempts to find a buyer are unfruitful, the New York-based publisher will cease printing the newspaper, and instead would offer it only online. It said it would also cut jobs or shut it down entirely if needed. Continuing the print version is reportedly not a viable proposition for Hearst anymore.

Founded in 1863,the Post-Intelligencer has been posting operating losses since 2000, and Hearst said that the loss would expand to around $14 million in 2008. Hearst has owned the publication since 1921.

In his statement, Steven Swartz, president of Hearst's newspaper division said that losses had reached unacceptable levels.

The Audit Bureau of Circulations put the Seattle Post-Intelligencer's average paid weekday circulation at 117,572 as of 30 September, with the cross-town rival Seattle Times  having a weekday circulation of 198,741.

Bronxville, New York-based investment bank Broadwater & Associates LLC is reported to be assisting Hearst with the sale, media reports said, without quoting a target price for the sale. Hearst Corp is one of the largest publishers in the US, and its Seattle Post-Intelligencer and is a Pulitzer Prize winning newspaper.