The economic paralysis caused by the pandemic has clobbered a newspaper industry already on the mat. With revenues plummeting, substantial layoffs, furloughs and pay reductions have followed in newsrooms across the country.
Meanwhile, the hedge funds and private equity firms that own many newspapers often siphon away profits rather than reinvest in local journalism. Frequently associated with this business model is the Alden Global Capital hedge fund, which controls 200 newspapers including The Denver Post, The Boston Herald, and many local newspapers that likely won’t stay in business much longer.
