The report details what we’ve seen happening here for a long time that the primary mission of the new newspaper company is to make money for their investors and shareholders. The report explores the possibility that many communities may soon lose their primary source of local news, leaving behind news deserts across entire regions of the country.
Here is the lead paragraph for the report which says it all; Over the past decade, a new media baron has emerged in the United States. Private equity funds, hedge funds and other newly formed investment partnerships have swooped in to buy — and actively manage — newspapers all over the country. These new owners are very different from the newspaper publishers that preceded them. For the most part they lack journalism experience or the sense of civic mission traditionally embraced by publishers and editors. Newspapers represent only a fraction of their vast business portfolios — ranging from golf courses to sub-prime lenders — worth hundreds of millions, even billions, of dollars. Their mission is to make money for their investors, so they operate with a short-term, earnings-first focus and are prepared to get rid of any holdings — including newspapers — that fail to produce what they judge to be an adequate profit.
The Rise of a New Media Baron
You can read more in this week's column "From Behind the Pressline" by Dan Alexander.
Sun Community News & Printing (The Sun), is locally owned and operated right here in the North Country by Denton Publications Inc., located in Elizabethtown, New York.