One of the reasons why newspapers are going out of business

From the New York Times,

Mr. Tierney wants to hang on to the keys, or at least, he says, to deliver the Philadelphia newspapers to “someone who wants to be in the business, not somebody who bought the debt for 12 cents and is trying to flip it for a little more.” He has said, “I have a fiduciary duty, not just to the lenders, but to the employees and other people who depend on this paper.”

On Thursday, he called Angelo, Gordon “a secretive hedge fund that has its fingers on the throat of The Los Angeles Times and The Chicago Tribune and will someday, they hope, basically control the news in three of the four largest news markets in the country if they are able to capture Philadelphia as well.”

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