Local news isn’t dying — it’s being murdered by greed

Illustration by Thomas Nast

There are two elephants in the room that are threatening to destroy local news.

One, technological disruption, is widely understood: the internet has undermined the value of advertising and driven it to Craigslist, Facebook and Google, thus eliminating most of the revenues that used to pay for journalism.

But the other, corporate greed, is too often regarded as an effect rather than as a cause. The standard argument is that chain owners moved in to suck the last few drops of blood out of local newspapers because no one else wanted them. In fact, the opposite is the case. Ownership by hedge funds and publicly traded corporations has squeezed newspapers that might otherwise be holding their own and deprived them of the runway they need to invest in the future.

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