Canadian Publishing Industry News
19 October 2021,     NEW YORK,
The killing of newspapers
For a depressing review of the situation afflicting newspapers in the U.S., this story from The Atlantic lays it all out. The industry is essentially being gutted by Alden Global Capital, a hedge fund that has bought more than 200 newspapers across the US, most recently the Chicago Tribune.

             “What threatens local newspapers now is not just digital disruption or abstract market forces. They’re being targeted by investors who have figured out how to get rich by strip-mining local-news outfits.

The model is simple: Gut the staff, sell the real estate, jack up subscription prices, and wring as much cash as possible out of the enterprise until eventually enough readers cancel their subscriptions that the paper folds, or is reduced to a desiccated husk of its former self,” says the magazine.

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Jaded says:
Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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