A ruthless vulture hedge fund called Alden Global Capital is buying up and gutting newspapers all over the country, including some of the nation’s most storied publications.
Their strategy is simple: Strip the newspaper to bare bones. Cash in on existing subscribers and advertisers. Watch profits go up — and journalism die.
It’s just the latest gut punch to journalism at a time when our democracy is already in peril.
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After the Chicago Tribune was acquired by Alden Global Capital, the paper’s prestigious downtown office was traded in for one the size of a Chipotle. And a quarter of its newsroom staffers — including decorated reporters and photographers — no longer work there.
This is just one recent example of the struggles the journalism industry is facing. Since 2008, nearly two-thirds of newsroom jobs at U.S. newspapers have vanished. And the coronavirus pandemic has made the situation even worse: Newsrooms cut over 16,000 jobs in 2020, the worst year on record.
Journalism is the lifeblood of a vibrant democracy. Every time a journalist is taken off the beat, it becomes easier for politicians and corporations to get away with lying to voters and enriching themselves at the public expense.
Democracy simply cannot survive without strong, well-funded investigative journalism holding the powerful accountable.
