After warning in February that it would need to close or sell the San Francisco Chronicle unless it could drastically cut costs in a matter of weeks, Hearst now says it may actually be saving enough money that the Chronicle could be spared.
“We believe we are on our way toward making the changes in San Francisco we need to get that back to profitability,” Steven Swartz, the president of Hearst newspapers, said on a conference call with analysts from J.P. Morgan & Co.
The Chronicle‘s already reduced the size of its staff by 150, but Swartz said yesterday he wants papers to cut expenses by 20%.
Also of note, Swartz expressed his support for newspaper mergers and a reform of government regulations that would enable papers in the same market to do that. U.S. attorney general Eric Holder has said he’s open to revisiting the same antitrust rules.
Business Insider Emails & Alerts
Site highlights each day to your inbox.