The New York Sun winds up

30 September 2008

The New York Sun, which started publication six years ago as a conservative alternative to the New York Times, will publish its final edition today as it failed to raise capital needed to extend the newspaper's life after losing an estimated $1 million a month.

The clock finally ran out the newspaper, which started in 2002 at an era when budding print media was on the upswing and investors were willing to put their money, to have a say in the media and business capital of the world.

The paper had been losing money for a number of years and its present backers announced the need for more finance if their investment were to continue.

The New York Sun's co-founder and editor in chief Seth Lipsky published a letter describing the dire straits the paper was in and if it was unable to find new backers, then the paper would have to shut down by 1 October 2008.

It was reputed to be an aggressive reporting paper with excellent coverage on arts, culture and sports. Although it was losing an estimated $1 million a month, its advertising income was better than last year, though it was showing revenue of only $6 million this year.

Lipsky, was said to be scrambling for some investors as late as yesterday in a bid to keep the newspaper afloat, but the recent crisis at Wall Street has so far kept potential investors away.