Seattle Times Debt Solved, Paper Is 'Here to Stay'

​A year and a month after the Hearst Corp. announced the planned death of its 146-year-old Seattle P-I print edition, the Seattle Times Co. indicates it has successfully fought off its own potential print demise and that "The Seattle Times is here to stay." In a publisher's web site notice short on details, the paper says it has successfully renegotiated its considerable debt and is moving forward. The Blethen family ownership was reportedly $100 million in the hole to its lenders and pension fund. But that's apparently been overcome by refinancing and, earlier this week, an agreement with its union members to extend a freeze on company pension contributions. In return, the company will match half of employee 401(k) contributions, up to 4 percent.

In its announcement signed by four Blethen family members, the Times - now the second largest-circulated newspaper on the West Coast - noted that "A year ago, rumors suggested that our days were numbered. While we continue to navigate through a slow recovery, we felt it important to put these rumors to rest by sharing our good news." They weren't just rumors of course: the Times opened its books to the newspaper guild to show how badly it was hurting financially. And it was Times publisher Frank Blethen who sought a tax exemption from the state, telling lawmakers he and other publishers were "hanging on by our fingers." Looks like he's crawled back off the ledge.