Category: Alden

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”