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MNG/Alden just launched a flurry of layoffs and furloughs as local news readership soars in coronavirus crisis

UPDATES:  April 10: A source tells DFMworkers that the Reading Eagle, which Alden’s Heath Freeman claims to have “saved,” has laid off 19 people. Ten were from the newsroom. Nine additional layoffs were in other departments, no details yet. April… Continue Reading →

Thank a journalist today

Local news reporters perform heroic service in the face of coronavirus By Julie Reynolds Despite near-daily attacks from the president, years of extreme budget cuts by their companies’ hedge fund owners, and the risks they face reporting daily on the… Continue Reading →

The wealth-extraction problem

Taking a deep dive into global finance, private equity and a coming recession with Nicholas Shaxson, author of The Finance Curse   RELATED STORY: The Op-Prop Chop Shop: How hedge funds like Alden extract wealth from companies they ‘invest’ in… Continue Reading →

A message to readers of the nation’s oldest continuously published newspaper: Your roof is on fire

The Courant’s current offices | Sage Ross, Creative Commons License We need to encourage Alden to put up or shut up By Susan Campbell Dear Hartford Courant reader, Your roof is on fire. The signs have been there, but you… Continue Reading →

Schumer demands answers from Alden Global Capital

Letter highlights offshore investors “shrouded in secrecy” as more lawmakers decry Alden’s impact on local news By Julie Reynolds Senate Minority Leader Chuck Schumer (D-NY) is demanding information from Alden Global Capital President Heath Freeman and calling out the hedge… Continue Reading →

The Op-Prop Chop Shop: How hedge funds like Alden extract wealth from companies they ‘invest’ in

An interview with Nicholas Shaxson, author of The Finance Curse By Julie Reynolds Nicholas Shaxson has spent a career looking into highly secretive companies. He is, after all, the author of a respected book on offshore tax havens (Treasure Islands,… Continue Reading →

Guns, fracking and big coal: Hedge fund Alden has a history of plundering its newspapers for questionable industry investments

By Julie Reynolds Alden Global Capital, the New York hedge fund behind the gutting of local newspapers nationwide, has increased its investments in the parent of Smith & Wesson firearms and controversial coal company Peabody Energy, a new Securities and Exchange… Continue Reading →

Chicago City Council considers proclamation urging Alden to invest, sell, or face questions in person

Photo of Chicago City Council chambers by Daniel X. O’Neil | Used under Creative Commons license By Julie Reynolds Declaring that “local news is vital to communities,” a Chicago Alderman has introduced a resolution calling on executives from hedge fund… Continue Reading →

Tribune newspapers lost scores of journalists and hundreds of years’ experience in buyouts last week

Job losses follow vulture fund Alden’s acquisition of Tribune Publishing shares and board seats Newsroom cuts of 10 to 17 percent across the chain By Julie Reynolds Scores of news workers are leaving their papers after Tribune Publishing offered buyouts… Continue Reading →

Alden/MNG is quietly buying a small Minnesota newspaper chain

UPDATE: Read the purchase announcement here. By Deena Winter MNG Enterprises is buying a family-owned Minnesota newspaper company called Big Fish Works that owns 11 Minnesota newspapers, most of them weeklies, including eight in the western suburbs of Minneapolis. MNG… Continue Reading →

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