The Hearst Corporation has announced that one of its paper, the Seattle Post-Intelligencer, will be ending its print edition, after 146 years, on Tuesday and will be switching to a web-only publication; ceasing delivery to more than 117,600 subscribers.
According to Hearst CEO Frank Bennack Jr., the company’s goal is “now is to turn seattlepi.com into the leading and information portal in the region.”
Despite putting it up for sale on January 9 and the community concern over the paper shutting down, no buyer had emerged. The paper lost $14 million last year, a trend that many newspapers are facing after news advertising have fallen.
Employees that have been sacked will be getting a severance package that is worth about two weeks pay per year that they have been with the company.