The conservative leaning New York Sun is running out of funds and may have to shut down.

 

From the Washington Post.

 

The New York Sun, a scrappy, conservative Manhattan daily only six years old, may be forced to shut down by the end of this month if it cannot raise more capital, the paper’s editor said yesterday.

 

The Sun was launched in April 2002, funded by a group of investors led by former newspaper mogul Conrad Black, who in March began serving a 78-month prison term after being convicted of defrauding his company. Black’s company, Hollinger International, sold its stake in the Sun after he was ousted as Hollinger chairman in 2004 and has no ties to the paper.

 

The Sun plans to publish a front-page letter to its readers today explaining the paper’s dim financial prognosis.

 

“We are not profitable, and we’re a long way from it,” Sun editor Seth Lipsky said in an interview yesterday, adding that the paper has been losing money since its inception. Even though advertising revenue has risen, Lipsky said, the gains have been overwhelmed by rising costs.

 

From the start the Sun faced long odds against the established New York media behemoths, and was probably more vulnerable with a slow economy and competition from the internet than their bigger brethren.

 

 

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