Steve Breen for November 04, 2023

The disappearance of small, local newspapers is an absolute disaster.

We live in a post-journalistic society. Independence and objectivity are nearly nonexistent and has been replaced by a rise in agenda-driven dishonesty.

No news media. No accountability.

The Monterey (CA) Herald used to be a very good newspaper until Digital First Media took over. Digital First Media is majority-owned by Alden Capital, and specifically, Alden Capital’s Distressed Opportunities Fund. Great name! Meanwhile, down the road in Salinas, CA , the Californian, in print since 1871 and now owned by Gannett, made headlines (how ironic) for firing all or its reporters.

And Gannett. And Murdoch. And TeeVee. And the Net.

Newspapers are dying because of the shift of advertising dollars to other media. Example – where are the “help wanted” classified ads, or the department store display ads?

and hospitals, medical practices, colleges…

Our local newspaper folded about 6 weeks ago. I miss it.

I understand local newspapers are dying – and that’s a real tragedy! But how is it connected to hedge funds? I haven’t been reading the financial news lately.

Breen recently left the San Diego Union……..the UT now owned by Southern California News Group, which owns every paper in SoCal, except the LA Times.

What’s the big deal?

Ever increasing market concentration is desirable in EVERY industry. Isn’t it?

.

I mean, earnings have to increase all the time, otherwise, the CEOs and CNEs will not be even more enriched.

And no one wants that.

PROBABLY BECAUSE THEY DID NOT EMBRACE ELECTRONIC MEDIA…TOO BAD TOO SAD…HOWEVER IT MAY SAVE SOME TREES.

Too bad that isn’t their only prey; they’d have starved to death by now.

Absolutely terrible what has happened to newspapers :-( :-(

But “greed is good”. The hedge fund managers deserve their money and shouldn’t be taxed because they are so smart and they create jobs (most hedge funds have <100 employees while their management make BILLIONS).

The decimation of local media is appalling.

Maybe we can get legislation to mandate local papers, like they tried to do to save the buggy whip industry at the start of the automotive age.//..

The disappearance of local papers contributes to things such as George Santos getting elected. No investigative journalism.