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If no buyer is found, paper will shut down between March 18 and April 1, Hearst says.

The agreement, still in force, spells out what would happen if The P-I were to become just a digital paper, and it could put a squeeze on the Times.

It's clear the print P-I is a goner. But given Hearst advantages in e-paper technology and partnerships, an online P-I owned by Hearst is a distinct possibility.

Owners add that they would shut down Seattle's oldest daily if no buyer is found in 60 days, though possibly it would continue as an online-only news service.

Both the Maine sale and some Seattle real estate put on the market fail to meet their goal of closing in 2008. This could produce a very tough January for the local daily.

Meanwhile, two other ways for the struggling company to raise cash, by selling Maine papers and Seattle real estate, are still hanging fire.

The block in front of Times' headquarters is now included as part of security for the company's $91 million debt to banks. Meanwhile, the paper is scaling back features, and sale of its Maine papers...

Rocky Mountain News has a lot of parallels with the Seattle situation, being part of a joint operating agreement. Another paper on the market doesn't make it easier for the Seattle Times Co. to sell...