The Hearst Corp. announced Monday that it would stop publishing the 146-year old newspaper, Seattle's oldest business, and cease delivery to more than 117,600 weekday readers. The company, however, said it would maintain seattlepi.com, making it the nation's largest daily newspaper to shift to an entirely digital news product.
Demand for news has not fallen but the revenue model has changed faster than American newspapers can keep up. Thus, falling advertising revenue and the migration of readers to online has rocked newspapers large and small. The Rocky Mountain News in Denver closed in February. The Seattle P-I is the second newspaper to shut down in 2009.
Other major newspaper companies are reducing staff, eliminating bureaus and freezing pay in an attempt to get expenses in line with falling revenue.
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