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Local newsrooms strained by budget-slashing financial firms

February 28, 2022
Business newspaper pages

Newspaper industry in state of decline: not exactly a stop-the-presses headline. For two decades now — owing largely to the loss of advertising revenue to Facebook and Google — fewer and fewer Americans get their news, comics and sports from all those gazettes and tribunes and journals. But that doesn’t tell the whole story. There’s an additional threat: hedge funds and other financial firms that now own nearly a third of the daily papers in America. And these new owners are often committed not to headlines and deadlines, but to bottom lines.

Article Source: CBS News

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