Really sad story / commentary on state of news journalism today
(Excerpted):
The cuts being made are only necessary to pad unrealistic profit expectations on Wall Street,” the union said on Twitter in a response to the management changes. “We need to see new leadership better explain how a strategy of cutting to the bone to please Wall Street squares with plans ‘to invest in quality, local journalism.’” Alden Global owns 32 percent of Tribune Publishing and agreed to steer clear of management or personnel matters for the time being. But insiders are wary.
Alden, known for gutting newsrooms to improve profits, could buy more stock as soon as July. The fear of the hedge fund has so gripped The Chicago Tribune’s journalists that two of its reporters last month approached several billionaires to be potential white knights and buy the company to fend off Alden. “Now, we are bracing for the sight of colleagues with decades of experience walking out with cardboard boxes in their arms and tears streaming down their faces,” David Jackson and Gary Marx, reporters at The Chicago Tribune, wrote in an Op-Ed for The New York Times last month.https://www.nytimes.com/2020/02/03/business/media/tribune-publishing-ceo-shakeup.html
