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We& #39;re at such a critical juncture for the future of local news. Readership is way up. Great work is being done. Bold experiments are underway. We& #39;re actually having a political debate at the highest levels about how to address the journalism crisis. And yet at the same time ...
The vultures are circling. Or, I guess they& #39;re done circling. They& #39;ve landed and are devouring vital institutions from the inside. https://www.chicagotribune.com/business/ct-biz-tribune-publishing-board-alden-20200522-g4l2mm7hlneatcqzu7lhi7mrl4-story.html">https://www.chicagotribune.com/business/...
Why have we accepted this hedge-fund death spiral as the only path for local news? There has to be another way. There *is* another way. Major shareholders, philanthropists, workers themselves want to buy these properties and return them to local hands. https://www.baltimoresun.com/maryland/baltimore-city/bs-md-ci-abell-tribune-sale-20200521-vs5hyju4dnfilp2q6fd277nnmu-story.html">https://www.baltimoresun.com/maryland/...
Workers at these papers are dedicated and know how to run these institutions better than distant executives. They& #39;re willing to negotiate with new owners actually dedicated to local communities. But the Aldens and Advances just keep cutting and cutting. https://www.npr.org/2020/05/20/859241046/fresh-newsroom-cuts-at-tribune-stir-mistrust-as-vulture-investor-looms">https://www.npr.org/2020/05/2...
The pandemic and resulting economic crisis are only worsening this situation. Two-dozen papers have closed and others will follow. June will be telling, especially with these moves at Tribune and whatever& #39;s going to happen with McClatchy. https://www.mcclatchydc.com/news/nation-world/national/article242562351.html">https://www.mcclatchydc.com/news/nati...
But again, the hedge funds are not inevitable. Local owners are ready and willing to step in. And more politicians need to follow the lead of @Mayor_Steinberg and speak out https://www.seattletimes.com/opinion/sacramento-mayor-argues-in-bankruptcy-court-that-his-hometown-paper-should-go-to-a-local-owner/">https://www.seattletimes.com/opinion/s...
It& #39;s also good to see the Maryland senators and many state legislators urging the sale of the Baltimore Sun. But we need policies to incentivize sales to new local owners, transition newsrooms to nonprofit or other viable structures, protect workers, and get the vultures out!
I& #39;m encouraged by how congressional leaders like @SenatorCantwell @SenSherrodBrown @SenBlumenthal @SenSanders @ewarren @TimRyan @JoaquinCastrotx have been talking about the importance of local journalism.
We have an opportunity here to respond to the emergency and reverse the tide that has let local journalism fall into the hands of the vultures. We can go in the other direction: toward local owners, toward nonprofits, toward community-centered journalism that engages the public
Here @freepress and @freepressaction we have a lot of ideas and analysis on how to actually do this. https://www.freepress.net/news/press-releases/free-press-action-releases-comprehensive-plan-put-journalists-back-work-and">https://www.freepress.net/news/pres...
So does @fblethen @seattletimes https://www.washingtonpost.com/opinions/2020/05/18/this-moment-multiple-crises-we-need-strong-local-journalism/">https://www.washingtonpost.com/opinions/...
So does @stevenwaldman @report4america https://www.poynter.org/business-work/2020/its-time-to-uproot-american-newspapers-from-hedge-funds-and-replant-them-into-more-hospitable-ground/">https://www.poynter.org/business-...
https://medium.com/@stevendwaldman/de-consolidation-fund-8e530ad56014">https://medium.com/@stevendw...
So does @PENamerica https://pen.org/local-news/ ">https://pen.org/local-new...
And we have a lot to learn from the innovators reinventing local coverage from the ground up like @Chalkbeat @JournalismProj @city_bureau who are modeling the kinds of approaches we need everywhere and need to support with smart policies, too.
So let& #39;s get creative and bold. Hedge funds are not inevitable. The decline of local news is not inevitable. The media doesn& #39;t need to be something that just happens to us. We can actually dream, reimagine and recreate the news that we need.
Meant to name @newsguild in my list of folks with big ideas. Check out their campaign to Save the News! https://www.savethenews.org/ ">https://www.savethenews.org/">...
