NY Sun needs millions to stay afloat

Bloomberg reports that The New York Sun, a paper which was launched as an alternative to The New York Times, has never made money.
And now if the newspaper can't raise "tens of millions" of dollars by the end of September, it may shut down.
In the report, Editor Seth Lipsky says the original backers of the paper are ready to invest more money, but more investors are needed.

Lipsky wouldn't disclose the size of the Sun's losses or say who the Sun had approached for more funding. He said the money needed would cover a ``medium-term business plan.'' The Sun has boosted print advertising in recent years, he said. The five-day-a-week newspaper has a print readership of 113,000, focused on ``affluent, educated'' New Yorkers, and 2 million monthly Internet visitors, according to its media kit for advertisers.

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