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These 3 people hold the fate of hundreds of local newspapers in their hands after a hedge fund and private equity feeding frenzy

McClatchy

  • Local newspapers have been rocked by consolidation and closures, as digital advertising revenue has not been able to replace print advertisements.
  • Hedge funds and private equity firms have scooped up hundreds of local news sources over the years, with three firms — Alden Global, Fortress, and Chatham Asset Management — now pulling the strings behind the biggest media moves.
  • Local papers have been reduced to joining large conglomerates to stay afloat. The result has been slashed payrolls, lost jobs, and the sales of many iconic newspaper offices, like The Chicago Tribune’s Tribune Tower.
  • Business Insider took a look at who the people read more >>>

    Source:: BusinessInsider.Com