Tag: DFM

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”

Rebellion Builds at Alden-Owned Newspapers

Updated May 17 to include additional newsclips of protest.

May 9, 2018 – The journalists of the Denver Post and other newspapers owned by Alden Global Capital have had enough. They’re in open rebellion against the “vulture capitalist” hedge fund – and the uprising shows no sign of abating.

On May 8, reporters, photographers and other newsroom personnel from Denver, St. Paul, the Bay Area, suburban Philadelphia, and Kingston, NY, converged on the sidewalks outside its New York City headquarters, where they picketed, chanted and gave speeches on bullhorns. They demanded that Alden invest in the papers it owns or sell them to someone who will. Continue reading “Rebellion Builds at Alden-Owned Newspapers”

Statement by Bernie Lunzer on May 8, 2018, Alden Protests

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. Continue reading “Statement by Bernie Lunzer on May 8, 2018, Alden Protests”

Journalists to Rally at ‘Vulture’ Fund’s NYC Headquarters to Protest News Chain Gutting

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. Continue reading “Journalists to Rally at ‘Vulture’ Fund’s NYC Headquarters to Protest News Chain Gutting”

Leaked Financial Report Shows Jaw-Dropping Profits for ‘Outlaw’ Newspaper Owner

Hedge fund turns a blind eye to rats and mildew to rake in industry-topping earnings

By Julie Reynolds

May 2, 2018 – The hedge fund behind draconian staff cuts at Digital First Media newspapers — including The Denver Post, San Jose Mercury News and Orange County Register — cleared $160 million in profits last year, earning the highest margins in the industry, leaked financial documents show. Continue reading “Leaked Financial Report Shows Jaw-Dropping Profits for ‘Outlaw’ Newspaper Owner”

Hedge Fund Attempts to Censor its Newspapers’ Own Criticism as Outrage, Rebellion Grow

By Julie Reynolds

This article originally appeared on April 27 on the DFM Workers website, News Matters, which is a project of The NewsGuild-CWA.

April 30, 2018 – New York-based hedge fund Alden Global Capital is bearing down on editors as it attempts to censor criticism of its management of the Digital First Media newspaper chain. Continue reading “Hedge Fund Attempts to Censor its Newspapers’ Own Criticism as Outrage, Rebellion Grow”

NewsGuild Condemns Firing of Editorial Page Editor Dave Krieger

FOR IMMEDIATE RELEASE
April 26, 2018

Contact:   Bernie Lunzer
President, NewsGuild-CWA
202-434-7175
Sally Davidow
202-368-3324
sdavidow@cwa-union.org

Union Calls on Media, Civic Leaders to Join the Fray

April 26, 2018 – The NewsGuild-CWA is outraged by the firing of Dave Krieger, the editorial page editor of the Boulder Daily Camera, days after he posted a column on his blog criticizing the “predatory behavior of private equity investors” that own the paper. Krieger posted the piece after the paper refused to publish it. Continue reading “NewsGuild Condemns Firing of Editorial Page Editor Dave Krieger”

Defiance at Denver Post Thrusts Hedge Fund’s Disastrous Effect on Local News into Headlines

Updated April 16, 2018 to include more press clips.

April 9, 2018 – An act of defiance by the editorial board of the Denver Post has thrust a powerful hedge fund’s destruction of local news coverage to the front pages of publications across the country. Continue reading “Defiance at Denver Post Thrusts Hedge Fund’s Disastrous Effect on Local News into Headlines”