We demand that Congress investigate Alden Global Capital, the predatory New York hedge fund that controls Digital First Media, owner of The Denver Post, San Jose Mercury News, East Bay Times and more than 100 other local and regional newspapers across the United States.
Alden is under investigation by the U.S. Department of Labor for investing hundreds of millions of dollars of employee pension money in Alden-controlled funds.
What’s more, Alden secretly diverted money from Digital First Media to other investments, slashed staff, and stripped its newspapers for parts, causing irreparable harm to those papers and the crucial watchdog role they play in our communities.
Alden uses shell companies in foreign tax havens to conceal the investors who own Digital First Media newspapers and who profit from Alden’s ruthless cost-cutting. This lack of transparency has no place in our democracy.
We call on Congress to investigate Alden’s conduct at Digital First Media and the conduct of other hedge funds and private equity funds profiting from the destruction of local news.
We demand that Congress force Alden to be fully transparent and to disclose its partners in Digital First Media and the investors who benefit from the gutting of DFM newspapers.
Finally, we demand that Congress take affirmative steps to save local news by enacting legislation to prevent hedge funds and private equity funds from causing further damage to local and regional newspapers across the United States.