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How local newspapers are being destroyed across the country

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“Wall Street Is Killing Local Newspapers”

“We can’t put a price tag on our free press — but unless we stop them, predatory investors can.”

  • Editor’s note: Locally, The Olympian is moving to eliminate publishing a print edition on Saturdays and the Nisqually Valley News has consolidated most of their Yelm public contact staff to their Centralia offices in a bid to cut costs and stay afloat.

“Unfortunately, all over the country, private equity and hedge funds have been scooping up these cash-strapped papers — and looting them into irrelevance or bankruptcy.

“Here’s how it works. 

Investors put down a fraction of the purchase price and borrow the rest — and then saddle the company with that debt. Layoffs and cutbacks follow, which leads to a shabbier product. Circulation and revenue decline, then more cuts, and the cycle accelerates.

“Eventually the paper is a shadow of its former self, or turned to ashes completely. Wall Street wins, the public loses.”

“Newspapers have been critical to American democracy since its founding. By allowing huge corporations to gut newspapers in the name of making a buck, we’re putting a price tag on that democracy when we need it most. by Olivia Snow Smith,” OtherWords.org. Read more

Posted by Steve on October 29, 2019 at 12:01 am | Permalink

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