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Hearst puts ā€˜Seattle Post-Intelligencerā€™ on the block

Published on .

Seattleā€”The news for the newspaper industry seems to grow worse every day, as Hearst Corp. announced last Friday that it has put up for sale the Seattle Post-Intelligencer and its interest in the joint operating agreement under which the P-I and The Seattle Times are published.

Hearst said that should a sale of the P-I not occur within 60 days, it will pursue other options. ā€œThese options include a move to a digital-only operation with a greatly reduced staff or a complete shutdown of all operations. In no case will Hearst continue to publish the P-I in printed form following the conclusion of this process,ā€ the company said in a press release.

The P-I lost about $14 million in 2008, and a greater loss has been forecast for this year.

Hearst has retained Broadwater & Associates of New York to search for a buyer for the P-I.

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