Sun-Times' Tyree: Print newspapers will survive for 10 years

Posted by Erina Lin on April 6, 2010 at 12:44 PM

Printed newspapers will probably survive a decade before digital news completely substitutes for it, according to James Tyree, chief executive of investment firm Mesirow Financial Inc., who also led the October buyout of the Chicago Sun-Times' publisher, Bloomberg reported.

"Newspapers have got a good strong 10 years. By then you'll have to evolve into something else - maybe five years evolve into something else - or you'll just be out of business," said Tyree in an interview in Chicago last week.

Sun-Times Media Holdings LLC, the company publishes eight dailies in Illinois and Indiana, will need to shift its focus from its printed newspapers to more original online content, such as in-depth sports and regional political coverage, added Tyree. He purchased this company and ended its seven-month bankruptcy, Bloomberg reported.

U.S. publishers have eliminated jobs and sections, and sold assets top compensate declining advertising revenue. According to Newspaper Association of America data, in 2009, print ad sales dropped to their lowest since 1984, while digital advertising also fell 12 percent.

"I am not planning on it being the bottom for advertising. Our plan was for a continued decline in advertising. If it ever levels off, I am going to be the happiest guy you've ever seen," said Tyree earlier this year.

Sun-Times Media Holdings LLC hasn't been able to invest in the Web site in a long time, according to Tyree. He added that he would like to update the Web site with more photos, colors and stories of local interest, Bloomberg reported.