“It must be hard to find newspapers these days?" It’s a common question I get from customers at my events and a valid one - where have all the newspapers gone?
Curious to find the answer, I decided to do some digging. I found articles in response to the disappearance of newsstands and some surprising consequences of their loss. The Atlantic article, The Men Who Are Killing America’s Newspapers by journalist McKay Coppins, addresses a big part in the demise of newspapers and local journalism - Alden Global Capital. The tight-lipped hedge fund has acquired more than 200 newspapers, including one in my city, The Chicago Tribune, and I am sure in your city too. Coppins writes about how many believe newspapers are in decline because of their unsustainable business model for the digital age. But, Coppins found that Alden’s strategy is not focused on revitalizing and supporting local journalism but curter, “gut the staff, sell the real estate, and jack up subscription prices while turning out a steadily worse product […] in order to wring out as much cash as possible.”
So, based on my findings, a hedge fund is a big reason for the evaporation of newspapers in your city. We may think we have only lost the physical paper and Sunday funnies, but the ramifications of the loss are pivotal. More on that later.
All the best,