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”

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?”

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”

Indy Guild: Gannett, IndyStar Are Holding Pay Raises Hostage

May 23, 2018 – Gannett and the Indianapolis Star are holding journalists’ pay raises hostage in an effort to coerce them into signing a contract “that sticks our members with a terrible deal and higher health cases costs,” the Indianapolis NewsGuild is charging. Continue reading “Indy Guild: Gannett, IndyStar Are Holding Pay Raises Hostage”