"Now I am become Death, the destroyer of worlds."*Via naked capitalism, November 21:
Yves here. This is so sad and appears to have gone under the radar due to the impeachment hearings and Democratic party dominating the news yesterday. So many newspapers disappearing or becoming pale shadows of their former selves.
By Andrea Germanos, staff writer. Originally published at Common Dreams
Journalists sounded the alarm Wednesday after Tribune Publishing’s largest shareholder sold his stake in the company to a hedge fund that’s been described as “a destroyer of newspapers.”
In a joint statement, the newspaper unions of Tribune Publishing—representing workers at papers including the Chicago Tribune and Baltimore Sun—said that the news of Alden Global Capital purchasing Michael Ferro’s 25.2% stake in the company should not be seen as “simply another change in stock ownership” because “Alden is not a company that invests in newspapers so they succeed.”
“They buy into newspaper businesses with the express purpose of harvesting out huge profits—well above industry standards—and slashing staff and burning resources,” the statement read.
“We know we are faced with the very real threat that Alden is looking to bleed its next chain of newspapers dry,” it continued........MUCH MORE
*Robert Oppenheimer's thought upon the successful detonation of the first atomic bomb, using the Christopher Isherwood-Swami Prabhavananda translation of the Bhagavad Gita.
