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News

Hedge fund Alden cuts costs by putting one editor in charge of scores of California papers as it aims for USA Today chain’s real estate

By Julie Reynolds While defenders of transparency and democracy are alarmed over recent consolidation moves in the newspaper industry, New York hedge fund Alden Global Capital is preparing to pillage a vast trove of American newspapers’ remaining real estate. And… Continue Reading →

Hedge fund Alden attempts takeover of Gannett newspaper chain

Digital First Media’s profits “near the top of the industry,” company says in takeover letter By Julie Reynolds Billing itself as a savior of newspapers, vulture hedge fund Alden Global Capital has made a $1.36 billion hostile takeover bid to… Continue Reading →

Despite severe cuts, DFM reporters go above and beyond to cover California’s worst wildfire in history

EDITOR’S NOTE: Understaffed and under-paid, the staff of the Chico Enterprise-Record and Paradise Post worked night and day covering California’s worst wildfire in history, while their community burned around them. Ten of the staffers lost their homes in this disaster. This Holiday… Continue Reading →

NEW STUDY: Digital First Media leads in profits; news deserts expanding

By Julie Reynolds In the second half of a scathing new study titled “The Expanding News Desert,” the University of North Carolina’s School of Media and Journalism lays bare the devastating effect hedge funds and other investment firms are having… Continue Reading →

THE INCREDIBLE SHRINKING HEDGE FUND

Alden and former Digital First Media execs prosper despite lawsuits and bad investments By Julie Reynolds BREAKING: Just as this story posted, Fred’s Pharmacies filed a Worker Adjustment and Retraining Notification to announce that 80 employees will be permanently laid off… Continue Reading →

NEWSPAPERS WITHOUT NEWSROOMS

First it sold off all its newspapers’ buildings. Now, by closing rented offices and making reporters work from home and coffee shops, Digital First Media takes extreme cost-cutting to a new level.   By Julie Reynolds When the Longmont, Colorado,… Continue Reading →

Showtime in Denver: an annotated transcript

DFM’s COO Guy Gilmore and president Joseph Fuchs attempt to justify Alden Global Capital’s business practices to Denver Post staff Here’s a transcript of the meeting between Digital First Media management and employees at the Denver Post on June 19…. Continue Reading →

SAVING LOCAL NEWS: a reporter takes his message straight to hedge fund president Heath Freeman

Brandt in front of Freeman’s Montauk home. | Photo by Lorraine Dusky By Evan Brandt There is a scene I love at the end of the 1972 Robert Redford film “The Candidate.” Redford’s character, the naive political novice Bill McKay,… Continue Reading →

Highly profitable DFM again refuses to offer pay increase

May 24, 2018 DFM BARGAINING BULLETIN PHILADELPHIA — DFM management came to a bargaining session empty-handed today, telling a national coalition of NewsGuild representatives that the company’s hedge fund ownership intends to keep employee pay frozen companywide to help maintain… Continue Reading →

Leaked financial report shows jaw-dropping profits for ‘outlaw’ newspaper owner

Hedge fund turns a blind eye to rats and mildew to rake in industry-topping earnings   By Julie Reynolds The hedge fund behind draconian staff cuts at Digital First Media newspapers — including The Denver Post, San Jose Mercury News… Continue Reading →

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