The scale of local news destruction in Gannett's markets is astonishing

[Nevilledog]

https://www.niemanlab.org/2023/03/the-scale-of-local-news-destruction-in-gannetts-markets-is-astonishing/


Gannett, America’s largest newspaper chain, should wake up each morning thankful for the existence of No. 2 Alden Global Capital.

After all, who could ask for a better point of comparison? Alden is the perfect industry villain, a faceless private equity fund dedicated to nothing but cost-cutting and cashflow-draining. Its corporate website contains a total of 21 words, nine of which are “Alden,” “Global,” or “Capital.” It’s run by a secretive billionaire who last gave an interview in the 1980s — the sort of person who can own 15 mansions in Palm Beach and still think: I could really use a 16ththe

It’s the type of company that inspires debates over whether “vulturous” is too kind of an adjective. If you’re writing an Atlantic cover story on “Who Killed America’s Newspapers?” Alden Global Capital will hand you the murder weapon, already dusted for prints.

Gannett, meanwhile, is at least a newspaper company, one more than a century old. It’s rarely been considered a particularly good one, mind you — its reputation for cheapness and cookie-cutter products go back decades. (As The New York Times described it in 1986: “a chain of mostly small and undistinguished, though highly profitable, newspapers.”) But it was at least a familiar name, run by news people and with at least some dedication to its civil role in hundreds of communities.

When Alden attempted a hostile takeover in 2019, anyone who cared about local news was put in the unfamiliar position of rooting for Gannett. Heck, if you squinted hard enough, Gannett could almost feel like the good guy. (If only because people like to believe there is a good guy in their industry, somewhere or another.)

*snip*

[moniss]

1. Sounds like

an Irwin Jacobs/Eddie Lampert/Al Dunlap type.

[summer_in_TX]

2. Geez. And my hometown newspaper fell

into the hands of Gannett a few years ago.

Nothing good has come of it, but the Austin-American Statesman has not shuttered it's doors. Yet.