Even back before the financial crisis struck, newspapers were struggling to maintain subscriptions and whatever advertising money they could as readers increasingly turned their attentions, and companies their dollars, to the Internet. Now, though, with advertising budgets further cut, many of those struggling publications are on their last legs. According to a report by 24/7 Wall St.'s Douglas McIntyre that ran on Time's Web site, at least ten major newspapers will not survive -- in print form, at least -- the next year and a half.
Do you prefer to read your news in a printed newspaper or the Web?
I prefer printed newspapers.
I prefer the Web.
I'm not sure.
24/7 Wall St.'s team of analysts found that papers like the Philadelphia Daily News, the Detroit News, and the Chicago Sun-Times will almost certainly fold due to larger local papers (e.g., the Philadelphia Inquirer, the Detroit Free Press, and the Chicago Tribune) that have a firmer grip on an ever-dwindling market share. But major publications will not be spared, either, according to the report; analysts say that, come summertime, it's likely the San Francisco Chronicle, Northern California's largest newspaper, will only be available online. Newspapers in the Twin Cities, though, are beholding the bleakest future; the Minneapolis Star Tribune and the St. Paul Pioneer Press will have to try and outlast each other in what Time calls a "grim race."
We can only hope that, during these trying times, these papers will manage to stay afloat in online form, and that all of those writers and editors will be able to find refuge in the blogosphere. As is always the case with those facing potential layoffs, our thoughts and prayers are with them.
Check out the gallery below for more newspapers and magazines that have had to cut back. [From: 24/7 Wall St. Via: Time]
Elle Girl In April 2006, Elle Girl's print edition was closed down, but the Web site lives on at ellegirl.com.
CosmoGirl Though it will be folded into Seventeen magazine, the teen version of Cosmopolitan will publish its last print issue in December 2008. It will live on at CosmoGirl.com.
Christian Science Monitor Founded in 1908 by Mary Baker Eddy, this venerable paper will move all its daily content to the Web starting in 2009, though it will still publish a weekly print version.
Radar Magazine Was it too snarky for its own good? We'll never know, but this modern-day successor to '80s-era Spy magazine shut down in October. AMI, owner of the National Enquirer, bought RadarOnline.com, however, which will focus on celebrity gossip a la TMZ.com.
US News and World Report Once a serious competitor to Time and Newsweek, US News and World Report is now best known for its College guides, which it will continue to publish. The weekly newsmagazine, however, will be turned into a monthly, and all daily operations are moving to the Web at usnews.com.