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Alternative Market Briefing

Media union launches U.S.-wide campaign against hedge fund Alden Global

Wednesday, June 22, 2016

Komfie Manalo, Opalesque Asia:

Members of the News Guild and workers at Digital First Media (DFM) as well as advocates for responsible and quality journalism have launched a U.S.-wide on-line campaign, accompanied by demonstrations across the country, against hedge fund Alden Capital, which they describe as an entity that devours newspapers.

Bernie Lunzer, president of News Guild-CWA said in an e-mail to union activists, "We’re declaring war. A few years ago a secretive Wall Street hedge fund called Alden Global Capital bought up Digital First Media, the company that employs nearly 900 people at 12 papers, in units that once had at least a thousand more Guild-CWA members. DFM is the second largest newspaper company in the country, and highly profitable."

He added, "Yet some members haven’t seen raises in 10 years and many have lost their jobs -- all while Wall Street vulture hedge fund Alden enriches the coffers of a privileged few by plundering the 200 newspapers it owns...gutting news coverage in those communities."

Lunzer said that Alden began to devour newspapers back in 2009 when it purchased DFM newspapers and properties. Since then, Alden has been seizing the assets of Digital First Media newspapers: selling real estate, slashing newsroom staff, and outsourcing work to drive up profits for privileged investors. Alden’s actions are affecting local and community coverage and diversity in newsrooms and on the ......................

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