Chicago Sun-Times bankrupt, CSM ends print pub

One of which was a paper I read religiously, and daily. One of which was a publication of occasional reading for me, usually in the realm of a reference point for projects and research papers coming up in school. Sadly, both papers are threatened.

The latter first...Friday will be the final printing for the Christian Science Monitor. AFP reports the CSM, like other print publications, had been losing money. The publication will go 100% web-only in the coming days.

AFP:

Like other US dailies, the Monitor had been losing readership and print advertising revenue to online media for years and circulation was hovering around 50,000 by the time the decision was made to shut down the presses.

Editor John Yemma said the award-winning newspaper will still print a weekly edition for subscribers and a printable three-page daily news digest by email but the main focus will be on its website, CSMonitor.com.

He said visitors to the website, which currently attracts more than two million unique visitors a month, should not expect an immediate and dramatic change overnight but a steady improvement over time.

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The Chicago Sun-Times was always a staple in my home growing up on the South Side of Chicago. When my father told me: "Son, always read the newspaper everyday..." I never knew how his words then would resonate now into a career I was once proud of, of one I miss dearly, and now fear for.

That paper, which I, in fact, did read everyday--whether it was on the CTA bus in the morning going to high school or the commuter train headed for work--is now threatened. The Sun-Times Media Group announced this morning it was filing for bankruptcy.

Sun-Times:

The company has one significant creditor -- the Internal Revenue Service. The IRS has said Sun-Times Media Group owes up to $608 million in back taxes and penalties from past business practices by its former controlling owner, Conrad Black, now imprisoned for theft from corporate coffers.

Unlike other newspaper owners that have filed for bankruptcy amid steep dropoffs in advertising, including Chicago-based Tribune Co., Sun-Times Media Group has no bank debt. But its IRS debt thwarted efforts to raise new capital.

[Chairman Jeremy] Halbreich said Sun-Times will continue talks with the IRS while implementing a "strong and impressive" business plan. It also will pursue a deal with buyers and has hired Rothschild Inc., which was involved in the bankruptcy of United Airlines' owner, to field offers.

Several potential buyers have approached Halbreich since he took over Feb. 10 as chairman and interim chief executive, he said. "We're very confident that there's going to be some interest here," he said. "We intend to start that process immediately."

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Just please...accept NO offers from McClatchy, Media-General, Scripps, Hearst, or any other money-losing media outlet.

The way newspaperin' is going lately, I somehow suspect they won't make it. Reading the Sun-Times was a major impetus in me wanting to choose journalism as a career. If they shut down, I will definitely be in mourning.

E.C. :)