these dire economic times, it is essential that our management and the
local union leadership work together to implement the changes necessary
to bring the cost of producing The Chronicle into line with available
revenue,” Frank A. Bennack Jr., Hearst vice chairman and chief
executive, and Steven R. Swartz, president of Hearst Newspapers, said
in a joint statement.
Hearst purchased The Chronicle in 2000, but soon afterward felt the
impact of an economic downturn in the dot-com sector as well as the
loss of classified advertising to Craigslist and other online sites.
The problems have been exacerbated by the current recession.
For those who don’t get the joke: