Category: Digital First Media

On World Press Freedom Day, NewsGuild urges rejection of Alden’s hostile bid for Gannett

For Immediate Release: May 2, 2019

Contact: Bernie Lunzer
202-258-3231
Sally Davidow
sdavidow@cwa-union.org; 202-368-3324
Tony Mulligan (Denver Rally)
dng@denvernewspaperguild.org; (303) 956-1255
Stevie Blanchard (Detroit Rally)
stevie@detroitguild22.org; (928) 380-0286
World Press Freedom Day
#SaveLocalNews

WASHINGTON, DC – On World Press Freedom Day, The NewsGuild-CWA – warning of the danger to local news coverage in communities across the United States – will urge Gannett shareholders to reject a looming hostile takeover bid by Alden Global Capital, a New York hedge fund. Continue reading “On World Press Freedom Day, NewsGuild urges rejection of Alden’s hostile bid for Gannett”

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”

Unions call for Gannett shareholders to reject hedge fund’s takeover slate

This article first appeared on April 11, 2019, on the website of dfmworkers.org.

By Julie Reynolds

April 16, 2019 – Leaders of the NewsGuild and Teamsters unions have issued a call to Gannett shareholders this week to reject a “hopelessly conflicted” board takeover effort by vulture hedge fund Alden Global Capital, owner of Digital First Media newspapers. Continue reading “Unions call for Gannett shareholders to reject hedge fund’s 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”

An annotated transcript of DFM’s COO and President explaining their management

Here’s a transcript of the meeting between Digital First Media management and employees at the Denver Post on June 19. DFM’s chief operation officer Guy Gilmore and DFM board chair Joseph Fuchs were the main speakers. The meeting took place days after several exiting Denver Post employees announced they are forming a new Denver news website, and it was several months after the “Denver rebellion” garnered headlines and TV news coverage across the nation. —more—