Newsrooms in U.S. cities were already suffering a declining audience and lost revenue to Facebook and Google, now some face takeover from opportunistic hedge funds. Jon Wertheim reports.
not exactly a stop-the-presses headline. For two decades now—owing largely to the loss of advertising revenue to Facebook and Google—fewer and fewer Americans get their news, comics and sports from all those gazettes and tribunes and journals. But that doesn't tell the whole story. As we first reported in February, there's an additional threat: hedge funds and other financial firms that own nearly a third of the daily newspapers in America.
It's here that he scrambles to cover Pottstown, 20 surrounding towns and nine different school districts. Freeman, though, has doubled down. Last year Alden made a play for Tribune Publishing, home to historic papers like the Baltimore Sun and the Chicago Tribune.Gary Marx and David Jackson spent 30 years as investigative reporters at the Chicago Tribune, a paper that has won 27 Pulitzer Prizes.
David Jackson: These are executives from a hedge fund who live in a very wealthy lifestyle. They're not taking the profits and using them to build theDavid Jackson: Well, we've always been aware that we're doing journalism in a capitalist democracy. And we've always embraced that. But we felt that Alden didn't recognize the civic trust that's embedded in this profit-making machine.
Steven Waldman is a former journalist. In 2011, he studied the decline of the local news industry for the Federal Communications Commission. Steve Waldman: Pretty much through all of human history and throughout the world, when you have power that isn't watched, it tends to get abused. Steve Waldman: The vacuum was filled by national cable news, and social media, and very opinionated, polarizing material.Waldman believes in flooding communities with local reporters.
This is Jones on January 6th. He had cultivated such a level of trust from his sources that he was one of the few reporters covering the insurrectionists as they stormed the U.S. Capitol. Doctor felt that when the national media parachuted in they were looking for soundbites, instead of examining the deeper questions.
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