Tribune board members acted in their own interests, not their newspaper chain’s, while Alden failed to disclose a secret investor meeting and misrepresented its cash position.
It now makes more revenue from digital than from print and continues to add new subscribers at a record pace. But its brutal COVID-driven drop in advertising will be echoed all across the industry.
The vulture fund may be just fine with waiting a bit longer to make its next move to consolidate the local newspaper industry. Meanwhile, newsrooms wait.
Tribune and McClatchy are both approaching critical deadlines that could lead to mergers, divisions — or even the first big nonprofit newspaper chain in the United States.
Will Chatham Asset Management, the hedge fund set to gain control of the company, want to operate it after bankruptcy? Or will it look to cash out via merger as quickly as possible?
By selling Berkshire Hathaway’s newspapers to Lee Enterprises, the world’s most successful investor is acknowledging the industry’s downhill slide is not near an end.
Benton and Ken Doctor, Joshua. "Turns out Warren Buffett won’t be the billionaire who saves newspapers either." Nieman Journalism Lab. Nieman Foundation for Journalism at Harvard, 29 Jan. 2020. Web. 2 Feb. 2023.
APA
Benton and Ken Doctor, J. (2020, Jan. 29). Turns out Warren Buffett won’t be the billionaire who saves newspapers either. Nieman Journalism Lab. Retrieved February 2, 2023, from https://www.niemanlab.org/2020/01/turns-out-warren-buffett-wont-be-the-billionaire-who-saves-newspapers-either/
Chicago
Benton and Ken Doctor, Joshua. "Turns out Warren Buffett won’t be the billionaire who saves newspapers either." Nieman Journalism Lab. Last modified January 29, 2020. Accessed February 2, 2023. https://www.niemanlab.org/2020/01/turns-out-warren-buffett-wont-be-the-billionaire-who-saves-newspapers-either/.
Wikipedia
{{cite web
| url = https://www.niemanlab.org/2020/01/turns-out-warren-buffett-wont-be-the-billionaire-who-saves-newspapers-either/
| title = Turns out Warren Buffett won’t be the billionaire who saves newspapers either
| last = Benton and Ken Doctor
| first = Joshua
| work = [[Nieman Journalism Lab]]
| date = 29 January 2020
| accessdate = 2 February 2023
| ref = {{harvid|Benton and Ken Doctor|2020}}
}}
