10/05/2008 05:12 am ET Updated May 25, 2011

New York Sun Could Shutter By End Of Month If It Doesn't Find Financing

NEW YORK (Reuters) - The New York Sun, a daily newspaper launched six years ago as an often conservative-leaning alternative to The New York Times, may stop publishing by the end of September unless it gets additional financial backing.

The paper, which began publishing in 2002, has been losing substantial amounts of money, Sun editor Seth Lipsky wrote in a letter to readers published on the paper's website on Wednesday. The losses reflected advertising declines that are hurting nearly every U.S. newspaper amid wider economic problems such as the U.S. housing market slump and the global credit crisis.

"Our losses, which are substantial, have been covered so far by a group of investors whom we would call heroic. And they are prepared to continue to back the enterprise with new capital," Lipsky wrote. "But as costs rise and the advertising market for newspapers generally tightens, keeping the Sun alive and moving it toward self-sufficiency will require broadening the base of investors beyond the original group."

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