P-I, Times settle dispute

It looks like both the P-I and The Seattle Times will continue to exist, as the parties involved in the dispute over the JOA have come to terms:

The Seattle Times Co. will pay Hearst $49 million for Hearst's pledge to settle all JOA litigation. Hearst will also give up its right under the JOA to get 32 percent of Seattle Times profit until 2083, should the Times move to close the P-I after 2016. (Under the JOA, the Times can move to shut the P-I within 18 months after the Times demonstrates it has had three consecutives money losing years.)

In effect, the agreement moves both papers back to where they were four years ago, when the Times began its efforts to close the P-I and end the JOA — only now Hearst will receive $24 million from the Times.

Funny how "binding arbitration" tends to clear up people's thinking.