KQED reports that the sale of Sonoma Media Investments, owner of the Press Democrat, Sonoma Index Tribune, Petaluma Argus Courier and other publications is now imminent given the agreement of editorial staff union members. When the sale is complete, it will mark the end of local ownership; a national corporation headquartered on the east coast is described on Wikipedia as “Hearst Corporation, Hearst Holdings Inc. and Hearst Communications Inc. comprise an American multinational mass media and business information conglomerate owned by the Hearst family and based in Hearst Tower in Midtown Manhattan in New York City.”
The effect on Sonoma County’s regional newspapers is uncertain. According to Wikipedia, “Hearst owns newspapers, magazines, television channels, and television stations, including the San Francisco Chronicle, the Houston Chronicle, Cosmopolitan and Esquire. It owns 50% of the A&E Networks cable network group and 20% of the Walt Disney Company’s sports division ESPN Inc.”
“The conglomerate also owns several business-information companies, including Fitch Group and First Databank. The company was founded by William Randolph Hearst, a newspaper owner most well known for use of yellow journalism. The Hearst family remains involved in its ownership and management.”
According to Forbes magazine, the Hearst Corporation has a net worth of $22 billion. This is a developing story.
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