Hearst said that should a sale of the P-I not occur within 60 days, it will pursue other options. āThese 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.