As a newspaper that has lived beyond its means -- losing more than $50 million last year and on pace to lose more this year -- the San Francisco Chronicle's owners announced Tuesday that it will take the ultimate step and close the newspaper unless either a buyer steps up or job cuts are made quickly.

Granted, closing the newspaper is the last option, but the Hearst Corp. did throw that option out there, according to a Chronicle story. If nothing else, it should get the attention of the paper's union, which would face job losses.

"It's just a fact of life that we need to live within our means as a newspaper -- and we have not for years," Frank J. Vega, chairman and publisher of the Chronicle, said in the story.

Losing advertising and the recession have hurt newspapers throughout the country. Many newspapers have stopped printing, been sold or have cut back publication, along with staff cuts during the past year, but losing the Chronicle would be one of the largest circulation newspaper losses in the country.

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