RAUTE CORPORATION Stock Exchange Release 22 May 2023 at 14.05 EEST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,. | May 22, 2023
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from nobel peace prize resilient, the journalist maria ressa from the philippines, about that government s hostile treatment of the press. in america, we have a different force threatening journalism. vulture funds. secretive hedge funds are swooping in and buying news entities. the atlantic writes about the devastating effect. the model is simple, gut the staff, sell the real estate, jack up subscription prices, and wring as much cash as possible out of the enterprise until readers cancel their subscriptions and the newspaper folds. one example, alden, is a name and a pretty picture of a forest. that s it. no link to take you to another page. doesn t tell you alden global
but while they ve maintained this silence, they have overseen the decimation of a lot of the most storied and iconic newsrooms in the country. as you noted in your intro, it had a lot of downstream effects in the communities those papers serve. the cofounder said he wants to be the savior of local journalism. how does that square up with their actions? yeah. if you ask basically anybody in the local news business, they will say that claim is basically laughable. all den global capital, they have a model they follow. they immediately gut the staff, they sell any real estate that the newspaper owns. in some cases, they increase subscription prices. in other cases they will outsource layout design to the philippines.