For Immediate Release: May 7, 2018
Contact: Bernie Lunzer, President,
The NewsGuild-CWA, 202-434-7175
Bill Ross, Executive Director,
The NewsGuild of Philadelphia 267-240-8540
WHAT: Rally outside Alden Global Capital headquarters
WHEN: Noon, Tuesday, May 8
WHERE: The Lipstick Building, 885 Third Ave., New York, N.Y.
May 7, 2018 – Journalists and their supporters will rally outside the New York City headquarters of Alden Global Capital at noon on Tuesday, May 8, in front of the Lipstick Building, 885 Third Ave., to protest the hedge fund’s censorship and pillaging of hundreds of millions of dollars from Digital First Media newspapers, The NewsGuild-CWA announced.
Two years ago, the Guild launched an historic campaign to fight back against draconian cuts by Alden, the hedge fund that owns Digital First Media, the second-largest newspaper chain in the country.
Now, DFM employees are bringing the fight to Alden’s doorstep to expose its conduct and demand the secretive hedge fund invest in DFM newspapers or sell them.
Speakers include Pulitzer-winning journalists affected by Alden’s slash-and-burn tactics.
Speakers are available for interviews.
Background
When the Denver Post’s editorial board recently exposed Alden’s ruthlessness, Alden retaliated and censored further coverage of its actions. Boulder Daily Camera editor Dave Krieger was fired April 25 for speaking out on his personal blog, and the Camera’s editorial board was censored a week later.
On May 3, Denver Post opinion page editor Chuck Plunkett resigned after a piece about Krieger’s firing was axed. Reporting on Alden is censored at the Kingston (NY) Daily Freeman by the paper’s corporate overlords.
Since Alden took over in 2011, staff at DFM newspapers has been cut by more than two-thirds. Alden plans to siphon money with NO reinvestment until there’s nothing left — likely in 2-3 years.
Dedicated news workers have been laid off. Newspapers have shrunk; some have closed. Some employees work in rat-infested buildings that lack hot water and adequate heat.
The cities these journalists serve are suffering. Fewer reporters keep their eyes on legislatures, city councils, police departments, school boards, developers and others in power.
Meanwhile, Alden’s founders — Randall Smith and Heath Freeman — are buying mansions in Palm Beach and the Hamptons. Ken Doctor of Harvard’s Nieman Lab revealed last week that DFM raked in a 17 percent profit margin ($160 million) in 2017 as it destroyed local newsrooms.
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The NewsGuild-CWA represents approximately 20,000 journalists and other communications professionals in the United States, Canada and Puerto Rico.