The dirty little secret here is that
most papers that are being announced as being "on the verge of bankruptcy" are actually *making* money on an operating basis. The problem is that those profits are down, and unfortunately they were in most cases bought with gigantic amounts of leverage by big conglomerates that were basically looking to fatten their profit margins. Its the debt service on the loans used to buy them at silly top-of-the-market prices that are making them look "unprofitable"...
The unions at the SF Chronicle actually agreed to changes in their deal with Hearst last week, so they're still in business for now...
Pay no attention to the man behind the curtain,
Buffy
