Hearst Could Close or Sell S.F. Paper

NEW YORK The San Francisco Chronicle will be sold or closed unless major cost-cutting measures — including an unspecified “significant reduction in the number of unionized and non-union employees” — can be realized within weeks, parent company Hearst Corp. said Tuesday evening.

“If these savings cannot be accomplished within weeks … the company will be forced to sell or close the newspaper,” Hearst said in a statement. The company claims the Chronicle lost more than $50 million last year, “and that this year’s losses to date are worse.”

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