Eish! Ailing US newspapers being bought up by very people they watch

By Incorrect Author 30 November 2009

Banks and other financial firms are set to take over dozens of US newspapers, including the Los Angeles Times, Chicago Tribune, the Star Tribune in Minneapolis and The Philadelphia Inquirer. It doesn’t sound good when Wall Street gets to own the very institutions that skewer money lenders for the decisions that caused the global markets to go bust. But the Internet has so damaged traditional paper and print titles in the world’s most technologically advanced economy, that the money-men are taking control via bankruptcy proceedings, although giving few clues about their turnaround plans. The new owners face huge problems, as advertising spend of around $27 billion this year is about $22 billion less than three years ago. And newspaper circulations are dropping like stones. It’s going to be a messy transition to market rule. The bottom-line is what good journalists look at, and news is driven by the very same factors that markets will be trying to explain away. Read more: BusinessWeek


Support DAILY MAVERICK & get FREE UBER vouchers every month

An increasingly rare commodity, quality independent journalism costs money, though not nearly as much as its absence can cost global community. No country can live and prosper without truth - that's why it matters.

Every Daily Maverick article and every Scorpio exposé is proof of our dedication to this unshakeable mission. Investing in our news media is by far the most effective investment into South Africa's future.

You can support Independent and Investigative journalism by joining Maverick Insider. If you contribute R150 or more per month you will receive R100 back in UBER vouchers. EVERY MONTH until October 2019.

So, if you'd like to help and do something meaningful for yourself and your country, then sign up to become a Maverick Insider. Together we can Defend Truth.


NPA’s To-Do-List signals testing times ahead for Shamila Batohi

By Stephen Grootes

Identical twins can be distinguished by their fingerprints.