May 8, 2018 – Below is the statement issued by NewsGuild-CWA President Bernie Lunzer on May 8, 2018, the day of protests against Alden Global Capital, the hedge fund that is decimating the close to 100 newspapers it owns.
“The journalists of papers owned by Alden Global Capital are on the frontlines of the fight for the heart and soul of the news business. From reporters, to photographers, page designers, editors and editorial page editors, Alden’s unmitigated greed has forced them into that role.
“With profits well above industry norms and layoffs at more than twice the industry rate, Alden is the ultimate bad citizen. For them, it’s all about the money.
“For the journalists, it’s about much more – holding the powerful to account, telling the stories of the people in our communities, reporting on schools and neighborhoods and safety and crime and our sports teams.
“Alden’s business practices have forced outstanding journalists out of the profession through layoffs, buyouts and, mostly recently, resignations.
“But we won’t go quietly. We have a simple demand for Alden. If you won’t invest in the papers you own, let us find someone who will: Invest or sell.”
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