New York Sun To Shut Down; No New Investors

 

NEW YORK, NY (September 29, 2008) – The New York Sun, a conservative newspaper launched in 2002 as "a conservative alternative to The New York Times," will reportedly cease publication.

A media-watching Web site, Gawker, obtained an eMail from the Sun's editor Seth Lipsky who told freelancers on Monday that the newspaper would print its last issue.

The newspaper had been seeking investors over the past two weeks to keep going, but the turn of events on Wall Street over the past few days quashed any hopes of finding new money.

Editors had been holding out to see what happened this week and last week had denied that Monday's paper would be the last. Then on Monday the Dow Jones dropped more than 700 points and Congress failed to pass the government bail-out bill, seemingly sealing The Sun's fate - at least for now.

CNN reports that The Sun will publish one final edition on Tuesday, according to a spokesperson. The Sun never made a profit and warned readers in early September that it needed "tens of millions" of dollars to cover their losses. The paper had been losing as much as $1 million a month.

 

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