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The New York Sun shuts down

After a six-year run, the New York Sun is shutting down. From the New York Times:

The Sun‘s president and editor, Seth Lipsky, said a three-week search for new financial backers had failed. Mr. Lipsky announced on Sept. 4, in a front-page Letter From the Editor, that the Sun would shut down by the end of the month unless it raised new money.

As he spoke, the stock market was diving toward the largest one-day point loss in the history of the Dow Jones Industrial Average. Among other problems that we faced, he said, was the fact that this month, not to mention this week, has been one of the worst in a century in which to be trying to raise capital, and in the end we were out not only of money but time.

The Sun will close after publishing today’s issue. Lipsky started publishing the Sun with $15.9-million he raised from several backers, one of whom was Conrad Black – though Black’s company Hollinger International sold their stake in the Sun after Black quit Hollinger in 2003.