BUSINESS BRIEFING
BUSINESS BRIEFING
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MEDIA
Hearst to Sell Its Seattle Paper
Hearst Corp. put Seattle's oldest newspaper, the Seattle Post-Intelligencer, up for sale and said that if it can't find a buyer in the next 60 days the paper would likely close or continue to exist only online.
If it does become an Internet-only operation, the paper would have a "greatly reduced staff," Hearst said in a statement. Hearst is a major media company that also owns TV stations, other newspapers and magazines, including Cosmopolitan.
Seattle is one of two major cities on the verge of losing its second daily newspaper as the industry tries to pull out of a tailspin brought on by falling circulation and advertising revenue. Denver's Rocky Mountain News recently put itself up for sale in the face of steep losses and could close if a buyer isn't found soon.
Hearst has owned the Post-Intelligencer since 1921, and the paper has had operating losses since 2000, including $14 million last year.
LEGAL
Judge Delays Madoff Bail Ruling
A judge delayed a decision until Monday on whether Bernard L. Madoff should be sent to jail for sending more than $1 million worth of jewelry to family and friends over the holidays.
The postponement came as prosecutors and the defense agreed to extend the deadline to bring an indictment against Madoff by 30 days, according to defense lawyer Ira Sorkin. Prosecutors originally had a Monday deadline to bring an indictment; the U.S. Attorney's office declined to comment.
INSURANCE
OTS Clears Two Thrift Conversions
The Office of Thrift Supervision, a Treasury Department agency, said that it approved applications from Hartford Financial Services Group and Lincoln National to acquire existing savings and loans and become thrift holding companies.
Insurance companies that own thrifts, which are federally regulated, are eligible to apply for a piece of the $700 billion in government bailout funds.
Hartford Financial has said it expects to be eligible for between $1.1 billion and $3.4 billion in federal funds. The company has agreed to buy Sanford, Fla.-based Federal Trust Bank for about $10 million and to inject an undisclosed amount of new capital into the bank.
