Financier to Unveil New Journalism Model

Noted San Francisco financier Warren Hellman said in a statement Friday that he and “a team of business and media experts” are, as rumored in recent weeks, working on a plan to develop a new, sustainable model for community journalism in San Francisco and the Bay Area, given the intense pressures on daily papers, including the San Francisco Chronicle.

Hellman said the group has adopted a two-month timeline for completing the first stages of exploring options that could have implications throughout the journalistic world. [Click for MORE]

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Hearst May Sell or Shutter the SF Chronicle

The Hearst Corp. today announced an effort to reverse the deepening operating losses of its San Francisco Chronicle by seeking near-term cost savings that would include "significant" cuts to both union and non-union staff.

In a posted statement, Hearst said if the savings cannot be accomplished "quickly" the company will seek a buyer, and if none comes forward, it will close the Chronicle. The Chronicle lost more than $50 million in 2008 and is on a pace to lose more than that this year, Hearst said.

Frank J. Vega, chairman and publisher of the Chronicle, said, "It's just a fact of life that we need to live within our means as a newspaper - and we have not for years."[Click for MORE]

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