The “grim reaper of American newspapers” strikes again

The journalism industry just received another body blow, and this one is devastating.




The journalism industry just received another body blow, and this one is devastating.

A vulture hedge fund that’s been called the “grim reaper of American newspapers” just bought Tribune Publishing, owner of the Chicago Tribune, Baltimore Sun, New York Daily News, and six other major U.S. dailies.

Everyone knows what’s coming next. When Alden Global Capital bought the Denver Post in 2018, they canned one-third of the newsroom on day one. Regional newspapers in Northern California saw 850 out of 1,000 reporting jobs eliminated. As Vanity Fair put it, the “hedge fund vampire that bleeds newspapers dry now has the Chicago Tribune by the throat.”

The Intercept rejects the short-term approach of cutting newsroom staff to squeeze out profits: We were founded to provide a home for top investigative journalists to continue the reporting needed to uncover government scandals and corporate corruption. And while The Intercept can’t hope to fill the entire gap created by rapacious newspaper destroyers like Alden Global Capital, every dollar you donate helps keep the critical work of investigative journalism alive in America, publishing stories that would never otherwise come to light.

Will you make a donation to The Intercept and help keep the critical work of investigative journalism alive in America?

The business of hedge fund vultures like Alden Global Capital isn’t journalism, it’s strip mining. First, they buy out once-proud newspapers. Then they slash costs by gutting newsrooms. And after cashing in huge short-term profits and executive bonuses, they leave what’s left of the newspaper to die a slow death.

But it’s not just Alden Global Capital. Wall Street hedge funds are taking an ever-more prominent role in the newspaper industry, replacing family owners who nurtured great journalistic institutions with financial industry scavengers who care only about the next quarterly profit report.

This is a crisis for democracy. Every time a reporter is laid off, it becomes that much easier for corporate America and corrupt government officials to get away with ripping off the public.

The Intercept has a different model. As a nonprofit, we can never be bought out by Wall Street hedge fund vultures. And because we don’t accept advertising on our website, we’re reliant on donations to support this vital work.

The generous support of readers gives our reporters the freedom and resources they need to stand up to the most powerful forces in society. That’s why we’re asking you today to help keep investigative journalism alive by making a donation to The Intercept.

Donate to The Intercept and help support investigative journalism in America.

STAND WITH THE INTERCEPT →

Thank you,
The Intercept team

First Look Media Works is a 501(c)(3) charitable organization (tax ID number 80-0951255).

The Intercept’s mailing address is:
First Look Media
P.O. Box 27442
Washington, DC 20038

The Intercept is an award-winning nonprofit news organization dedicated to holding the powerful accountable through fearless, adversarial journalism. Our in-depth investigations and unflinching analysis focus on surveillance, war, corruption, the environment, technology, criminal justice, the media and more. Email is an important way for us to communicate with The Intercept’s readers, but if you’d like to stop hearing from us, click here to unsubscribe from all communications. Protecting freedom of the press has never been more important. Contribute now to support our independent journalism.

Older messages

Within Hours of Capitol Riot, FBI Seized Thousands of Phone Records

Wednesday, February 24, 2021

The inclusion of congressional phone data in the FBI investigation raises thorny constitutional questions. MOST READ FBI Seized Congressional Cellphone Records Related to Capitol Attack Ken

Texas Republicans Ran a 20-Year Experiment. The Results Are In.

Saturday, February 20, 2021

The state's energy crisis didn't come out of nowhere. MOST READ Texas Republicans Ran a 20-Year Experiment. The Results Are In. Deconstructed The state's energy crisis didn't come out

How to Understand the Rage Economy

Wednesday, February 17, 2021

In “Postjournalism,” media ecologist Andrey Mir analyzes the way the news economy shapes our perceptions of reality. MOST READ The “For the People Act” Would Make the US a Democracy Jon Schwarz The

Former FBI Officials Tapped for Amazon’s Security Apparatus

Saturday, February 13, 2021

The company is staffing up with former FBI agents focused on security and intelligence gathering. MOST READ Minnesota Police Want a Pipeline Company to Pay for Weapons Claimed as PPE Alleen Brown

Was Election Denial Just a Get-Rich-Quick Scheme?

Saturday, February 13, 2021

Widespread voter fraud is a fake problem, but some conservative donors say they're getting scammed out of real money. MOST READ How Iran Tried to Recruit Spies Against the US in Iraq James Risen

Compsci boffin publishes proof-of-concept code for 54-year-old zero-day in Universal Turing Machine [Wed May 12 2021]

Wednesday, May 12, 2021

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 12 May 2021 turing Compsci boffin publishes proof-of-concept code for 54-year-old zero-day in Universal Turing Machine Patch your

What A Day: A total 'yahu

Wednesday, May 12, 2021

Cancel culture, horse ointment, who can say. Tuesday, May 11, 2021 BY SARAH LAZARUS & CROOKED MEDIA -The Houston Police Department, casually tracking down a big loose tiger Israel has provoked and

Gaetz-gate

Tuesday, May 11, 2021

The federal investigation into Rep. Matt Gaetz now includes potential corruption charges; Israel responds to Hamas rocket fire with Gaza airstrikes, killing 28 Palestinians. Tonight's Sentences was

The Meme King of Wall Street

Tuesday, May 11, 2021

Columns and commentary on news, politics, business, and technology from the Intelligencer team. Intelligencer Intelligence, in every sense of the word. Subscribe now. Today's Top Stories 1.

Your Wednesday Briefing

Tuesday, May 11, 2021

Israel-Gaza fighting escalates. View in browser|nytimes.com Continue reading the main story Morning Briefing, Asia Edition May 12, 2021 Author Headshot By Melina Delkic Writer, Briefings Good morning.

The Furious Fast

Tuesday, May 11, 2021

America's Crash Diet and Work is Out Tuesday, May 11, 2021 - The Day's Most Fascinating News from Dave Pell Subscribe Store Current Share Archives NextDraft Tuesday, May 11, 2021 1 THE FURIOUS

Welcome to Bug Day 🐛

Tuesday, May 11, 2021

View in your browser Twitter Facebook Instagram Share | Subscribe The Ringer In the May 11 newsletter: A guide on what to expect when the Brood X Cicadas come this summer, a look at the legacy of Kevin

May 11 - Facebook Tests New Warning Prompts to Stop Users Sharing Articles They Haven't Read

Tuesday, May 11, 2021

Instagram Shares Helpful Overviews of DM Controls and Product Tags in Posts; Pinterest Launches New Overview of its Ad Process to Help Simplify Paid Promotions; 3 Ways to Better Utilize Twitter to Help

Doge days of summer

Tuesday, May 11, 2021

Demystifying crypto, one meme coin at a time Email Image Cryptocurrency, a digital currency that can be used to purchase goods or services, is inescapable these days. And while Bitcoin used to be the

Get an edge in the field of Information Design

Tuesday, May 11, 2021

Work at the intersection of data, design, and technology Northwestern University School of Professional Studies Information Design and Strategy; Online Master's Program Work at the intersection of