The Orlando Sentinel — one of nine Tribune Publishing newspapers that are either on the verge of being bought and destroyed by Alden Global Capital or rescued by a group of would-be billionaire saviors — has published a remarkable editorial about its fate.
“Alden’s history with newspaper ownership is akin to a biblical plague of locusts — it devours newsroom resources to maximize profits, leaving ruin in its wake,” the editorial says. Indeed, Alden, the hedge fund behind MediaNews Group, has destroyed papers from coast (the Orange County Register) to coast (the Boston Herald) and at various points in between (The Denver Post).
The Sentinel’s local and regional coverage would be valuable to its community in any case. But as the editorial notes, it’s the paper’s reporting on indicted former elected official Joel Greenberg that led the national press to U.S. Rep. Matt Goetz, a Florida Republican whose meltdown encompasses so much alleged wrongdoing that it can’t be easily summarized here.
As I wrote earlier this week, a group led by the hotel magnate Stewart Bainum, who hopes to take Tribune’s Baltimore Sun nonprofit, has offered Tribune’s board slightly more money than Alden ($650 million to $630 million). But the board has been leaning Alden’s way because the Bainum group hasn’t pulled its financing together yet. The Sentinel editorial puts it this way:
This is the kind of principled ownership the Sentinel and other Tribune papers like the Chicago Tribune and South Florida Sun Sentinel need to survive and thrive, investors who see not just an opportunity to make money (because many papers, ours included, still make money) but also a way to strengthen their communities.
With chains of varying levels of greed such as Gannett, Advance and McClatchy controlling almost everything else, the fight of Tribune really feels like it’s the last battle in a long war for the soul of American newspaper journalism.
If the Bainum group loses, the only thing left will be the hard work of building an alternative local news ecosystem.