When are Progressive Billionnaires going to use their wealth to buy media companies and keep them

[NullTuples]

30. Remember 10-15 years ago when it seemed like journalism just...quit?

Turns out it was because Alden Global Capital - a far right wing investment group - started buying up newspapers, especially in cities. Then they systematically did what private equity companies do: they began to extract all value from each company to boost investor returns. One of their first steps is typically to fire the entire newsroom and sell off the presses & real estate. The news outlet then survives off what advertising it can still get, but mostly they keep it running to continue bringing in the revenue stream from longtime loyal subscribers. Meanwhile, what was once a news reporting company that gathered information becomes one that for the most part reformats story feeds from regional/aggregate sources, even when they appear to be "local" stories. Just Alden Capital alone has done this to many hundreds of city newspapers in the last decade or so, and they aren't the only one. Just the most notable due to their size, drive, secrecy...and overt financial support for the Republican Party.

Google your local paper's name + owner. Then do the same for whatever company name turns up. Keep going and it's highly likely that after three or five layers you'll discover a private equity company.