Congress Dives Into Local News Crisis

This article first appeared on June 3, 2019, on DFMworkers.org.

By Julie Reynolds

June 4, 2019 – Legislative efforts to save local news continue in Washington after New York hedge fund Alden Global Capital’s failed takeover of the Gannett newspaper chain.

Sen. Sherrod Brown (D-Ohio) has vowed to “continue watching Alden closely.” Continue reading “Congress Dives Into Local News Crisis”

On World Press Freedom Day, NewsGuild members say, ‘Save Local News’

Check out photos of NewsGuild-CWA members fighting to Save Local News on World Press Freedom Day, May 3.

May 7, 2019 – NewsGuild members at DFM and Gannett newspapers marked the day with rallies in Denver and Detroit and lit up the Twittersphere using the hashtag #SaveLocalNews. Continue reading “On World Press Freedom Day, NewsGuild members say, ‘Save Local News’”

Under federal investigation, Alden pulls half its proposed Gannett takeover slate

This article first appeared on April 25, 2019, on the website of DFMworkers.org.

By Julie Reynolds

April 26, 2019 – It’s been a tough week for Alden Global Capital, the hedge fund trying to take over the nation’s largest newspaper chain, as senators, shareholders, creditors and federal agencies are all looking into a slew of self-dealing allegations.

First, the Washington Post reported last week that the Labor Department is interested in the roughly $250 million of news workers’ pension monies that Alden quietly shifted into its own Cayman-Island-based accounts. Continue reading “Under federal investigation, Alden pulls half its proposed Gannett takeover slate”

The Denver Rebellion: A year after reporters at the Denver Post cried out for help, what’s changed?

By Julie Reynolds

This is a reprint of an article that appeared on www.dfmworkers.org on March 19, 2019.

March 19, 2019 – One year ago, a handful of Denver Post current and former staff shocked the paper’s readers, their news chain’s owners and the nation. After yet another round of devastating layoffs — this one leaving its newsroom slashed by a third — they quietly wrote, edited and designed a six-page section that appeared in the Sunday paper on April 8. Continue reading “The Denver Rebellion: A year after reporters at the Denver Post cried out for help, what’s changed?”

What would a DFM takeover of Gannett mean for the news industry?

By Julie Reynolds

This is a reprint of an article that appeared on Jan. 17 on DFMworkers.org.

Jan. 17, 2019 – Picture this: Hundreds of U.S. newspapers – essential to our democracy – are controlled by one secretive New York hedge fund, with no obligation to disclose its small group of wealthy investors, hundreds of millions of dollars hidden in offshore tax havens, and a history of ethically questionable investments. Continue reading “What would a DFM takeover of Gannett mean for the news industry?”

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

This is a reprint of an article that appeared on Jan. 15 on DFMworkers.org.

Jan. 15, 2019 – Billing itself as a savior of newspapers, vulture hedge fund Alden Global Capital has made a $1.36 billion hostile takeover bid to acquire Gannett’s chain of more than 100 local papers.

If successful, the move would make Alden’s Digital First Media the largest newspaper chain in the country (in terms of circulation), while extending Alden’s heavily criticized slash-and-burn strategy to hundreds of U.S. communities. Continue reading “Hedge fund Alden attempts takeover of Gannett newspaper chain”

NewsGuild statement on Digital First Media’s proposal to purchase Gannett

The destruction of local newspapers by hedge funds and private equity firms is an underreported national crisis for our democracy, so today’s announced proposal by Digital First Media to purchase Gannett is of the greatest concern. The NewsGuild opposes any such purchase by DFM. Continue reading “NewsGuild statement on Digital First Media’s proposal to purchase Gannett”