The New York Sun shuts down
After a six-year run, the New York Sun is shutting down. From the New York Times:
The Sun’s president and editor, Seth Lipsky, said a three-week search for new financial backers had failed. Mr. Lipsky announced on Sept. 4, in a front-page “Letter From the Editor,” that the Sun would shut down by the end of the month unless it raised new money.
As he spoke, the stock market was diving toward the largest one-day point loss in the history of the Dow Jones Industrial Average. “Among other problems that we faced,” he said, “was the fact that this month, not to mention this week, has been one of the worst in a century in which to be trying to raise capital, and in the end we were out not only of money but time.”
The Sun will close after publishing today’s issue. Lipsky started publishing the Sun with $15.9-million he raised from several backers, one of whom was Conrad Black - though Black’s company Hollinger International sold their stake in the Sun after Black quit Hollinger in 2003.
