SF Chronicle could close

The San Francisco Chronicle is the latest paper to announce that if it does save money quickly it will seek a buyer and if no deal is made the paper will close.
The Chronicle, which is the Bay Area's oldest paper and has a readership of 1.6 million, lost more than $50 million in 2008 and cuts could include significant staff reductions, according to reports from the paper.
From a statement by Frank A. Bennack Jr., Hearst vice chairman and chief executive, and Steven R. Swartz, president of Hearst Newspapers:

"Given the losses The Chronicle continues to sustain, the time to implement these changes cannot be long. These changes are designed to give The Chronicle the best possible chance to survive this economic downturn and continue to serve the people of the Bay Area with distinction, as it has since 1865.
"Survival is the outcome we all want to achieve," they added. "But without specific changes we are seeking across the entire Chronicle organization, we will have no choice but to quickly seek a buyer for The Chronicle, and, should a buyer not be found, to shut down the newspaper."