Tronc buys NY Daily News for.....$1

[Mr. X]

Layoffs hit Alaska Dispatch News in wake of bankruptcy sale

 

[LanceyHoward]

Layoffs hit Alaska Dispatch News in wake of bankruptcy sale

The link says the paper is losing $500,000 a month and had 212 employees. Which seems to be a lot of employees for a market the size of Anchorage. The previous publisher was the wife of a New York hedge fund billionaire, It is apparent she could not manage. Good luck to those negatively affected and I hope the paper makes it.

 

[I Should Coco]

A good read in the New Yorker about how a billionaire buying a newspaper (as happened in Anchorage, Alaska) won't magically change the industry's long-term problems:

Journalism’s Broken Business Model Won’t Be Solved by Billionaires

Some of the grim details:

In the three years that Rogoff owned the paper, its value declined ninety-seven per cent. Sure, she had deep pockets, but not deep enough, it turned out. (Certainly, had she had full access to her husband’s multibillion-dollar fortune, or had he been interested in this particular lost cause, she likely could have kept running the paper, which lost $6.6 million in 2016, a million dollars more than it lost the year before, according to the financial statements filed in bankruptcy court.) She will likely end up losing the six million dollars that she invested, plus whatever portion of the $10.2 million that she still owes the bank, as part of the more than $17 million she told the bankruptcy court that she invested in the newspaper and the new printing press, which, according to the bankruptcy filing, remains unused and sitting idly in an old building in Anchorage.