It is not just print

It's easy to reach the conclusion that print news is nearly extinct, while online is flourishing. But that's not necessarily the case. This report, from Conde Nast Porfolio.com, is an example:

"Breaking: TheStreet.com Shuts S.F. Office

Today in media layoffs: TheStreet.com is shutting down its entire San Francisco office, effective immediately, according to two sources.

"I think we have a few employees that are going to be contributing to the website still," said one.

I'm waiting to hear back from TheStreet.com's editor, Glenn Hall, for more information on how many people will be let go as a result of the shutdown. Editor in chief David Morrow is already gone for the weekend.

Update: A spokeswoman confirms it, but declines to say how many jobs have been eliminated as a result, or whether San Francisco bureau chief Mike Goodman will be staying with the company; one source says he will.

"We've made the decision to close that office," said the spokeswoman. "But we are nonetheless going to maintain an ad sales presence out there and we expect at least some of the reporters in that office will continue to contribute to our network of sites."

The spokeswoman added that the decision was consistent with the discussion during the company's third-quarter earnings call of the need for belt-tightening measures. "This is really part of an overall effort we talked about and it shouldn't be too surprising given the environment that we're in and the unprecedented times that we're in that we're taking a hard look at our costs."

The Street.com is an online financial mag that's been in biz since 1996. And it's been successful. But that doesn't mean it isn't hurt by the current financial conditions.