NewsGuild testimony to House Financial Services Committee

Nov. 18, 2019 – NewsGuild-CWA President Bernie Lunzer submitted written testimony to the House Financial Services Committee for its Nov. 19 hearing titled, “American for Sale? An Examination of the Practices of Private Funds.”

The testimony exposes the destructive role of Alden Global Capital, which controls Digital First Media.

“The hollowing out of local news is no mere inconvenience,” Lunzer notes. “Because of the draconian cuts, many local newspapers can no longer cover city meetings, community events, school board votes or high school sports. Recent research from the University of Illinois–Chicago and the University of Notre Dame found that communities that have become “news deserts” pay higher taxes and bond rates and are at greater risk of political corruption. Other studies show lower voter turnout and increased partisanship. In other words, when the watchdogs are gone, democracy dies. Private equity has helped kill the watchdogs.”