Recently, staff from the Denver Post traveled to New York City to protest in front of the skyscraper owned by hedge fund Alden Capital. The editor of the Post had resigned over on-going Draconian staff layoffs.
In the years since Alden Capital acquired the Post in 2010 the paper had gone from a staff of over 200 to less than 100. The newspaper has been ordered to layoff another 30 employees by July.
The company’s records are not available because it is privately owned but a study done by a professor of journalism has estimated that they have been generating a 17% profit.
So what is the local link? This hedge fund also owns the Saratogian. The Saratogian has also been decimated. While Joseph Phelan does a very good job on the stories he covers, unfortunately the paper no longer has the resources to properly cover the city and the county.
Here is a link to the New York Times story. https://www.nytimes.com/2018/05/08/business/media/denver-post-alden-protest.html
4 thoughts on “The Saratogian and the Hedge Fund Alden Capital”
John, I’ve written a couple of posts on this sad topic on donewithdeadlines.com. Barbara
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Babs just tossed me a softball, right down the middle. But I’m going to let the count get to 3 and 2 before I swing.
See the following article for more insight to the future of (some) newspapers: https://www.politico.com/magazine/story/2018/05/13/denver-post-profits-newspaper-industry-218360
As promised, a reply to Babs.
Barbara Lombardo can blame the hedge fund. She can blame a lot of entities for the failures at The Saratogian. But as a 30 year employee, with the title of Editor, most of the blame is hers. When Gannett bailed out, she should have gone with it. She never understood that The Saratogian was a local paper, for local stories. The size of the paper shrunk to tabloid size. The stories on the front page were, and still are, continued elsewhere. Compared to other regional newspapers, The Saratogian finished in last place. It was once a newspaper that hired full time professionals, some making a career and providing for their families for decades. Babs was there for the duration of the destruction, and she should take the blame. Many times she spewed venom in her writing, and had no sympathy or compassion when she attacked certain people or subjects. She retired 30 years too late.