‘Please Buy This Newspaper': NY Daily News BEGS for Savior From ‘Notorious Hedge Fund' in Op-Ed
Added 05-05-21 09:34:07am EST - “On Wednesday, the Daily News published a stunning op-ed from one of its veteran reporters begging for someone to stop a hedge fund from buying the paper.” - Mediaite.com
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The New York Daily News is on the verge of being acquired by a hedge fund. On Wednesday, the paper published a stunning op-ed from one of its veteran reporters begging for someone to stop it.
In a shocking column, Larry McShane — a reporter who has been with the paper for 14 years — warned about the ramifications of the News’ pending acquisition by hedge fund Alden Global Capital. Calling the paper’s outlook under Alden “dire,” McShane pleaded for a local buyer to step up.
“Like any good tabloid headline, it’s simple, snappy and succinct: DAILY NEWS NEEDS NEW OWNER,” McShane wrote. “And not just any owner: a New York owner, someone who knows the city and embraces the paper’s 102-year legacy, who hears the voices of the five boroughs shouting from every page and our website. Someone who can treat the newspaper as a public trust, not simply as a property from which to squeeze every last bit of possible profit. The situation is dire.”
McShane went on to chronicle Alden’s decimation of newspapers in a number of major markets — including, most notably, the Denver Post.
“The stakes are clear,” McShane wrote. “An Alden takeover is sure to mean a trail of laid-off journalists, contracted newsrooms, and shadow newspapers unable to cover local news and inform their communities.”
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