Guild asks for help from the community to find local owner for the St. Paul Pioneer Press
Minnesota Newspaper and Communications Guild accuses the hedge fund owner of the daily newspaper of cutting staff, even though the paper remains profitable
Ah, private equity companies. If you were in the B2B magazine business back a decade or two ago you know what happened to that industry once the PEs moved in. Here is what happens when they enter the newspaper business. It is why the union below mentions Alden Global Capital rather than MediaNews Group, the publisher.
MediaNews Group was the company founded by Dean Singleton, who was a real newspaper man, though one who believed that the best investments were those in family owned newspapers because he could trim the staff after he bought them. It led to some impressive newspaper groups, such as the Alameda Newspaper Group I used to compete against – but it didn’t lead to good newspapers.
In any case, MediaNews Group now is owned by Digital First Media, which is owned by Alden Global Capital. Here is what the Minnesota Newspaper and Communications Guild has to say about what is going on at the St. Paul Pioneer Press: