New slogan for the Boston Herald: Cave emptoris.
Beware of the buyer.
The shaky local tabloid’s future must be flashing before its eyes thanks to the slow-motion dismantling of the Denver Post by owner Digital First Media, which is in the closing days of its Herald purchase.
From the Post’s own story:
Thirty jobs will be cut from the newsroom of The Denver Post in the coming months, Editor Lee Ann Colacioppo told her staff on Wednesday.
“These job losses are painful, and we know meaningful work will not get done because talented journalists have left the organization,” she said in a memo sent following a newsroom meeting. “I’m sure some commenters will cheer what they believe is the eventual demise of the mainstream media, but there is nothing to celebrate when a city has fewer journalists working in it.”
The Post newsroom currently has about 100 journalists . . .
Do we detect a note of bitterness there? Well, that’s nothing compared to how pissed off they are at News Matters, “a news guild project for Digital First Media workers.”
Denver Post newsroom slashed by 1/3 as hedge fund continues eviscerating Digital First Media papers
“A legal looting of the public trust.”
Nearly a third of the Denver Post’s newsroom will be laid off, management told staff Wednesday as the paper’s hedge fund owners continue slashing jobs to maintain high profit levels.
“The Denver Post had its heart ripped out Wednesday when the company announced layoffs of 30 Newsroom employees – 25 workers and five managers,” the Denver Newspaper Guild said in a statement.
“The layoffs are driven by owner Alden Global’s greed and its desperate attempt to recoup more than $130 million in investment losses from the Fred’s Pharmacy fiasco,” the statement said.
For more on Alden Global’s lack of investment proficiency, see here. Pete Vernon at Columbia Journalism Review’s The Media Today has more on the hedge fund’s “pattern of gutting newsrooms and selling off valuable office space to squeeze profit from the industry.”
From the looks of it, anyone searching for office space on Fargo Street should call Digital First first.