Some of the largest U.S. newspaper groups — like Tribune, McClatchy and Media News Group — are owned, controlled by or in debt to hedge funds or private equity groups. CNBC looks at how this happened.
As Covid-19 ran rampant across the United States in 2020, local newsrooms across the country cut back—even as they covered the biggest story in decades.
"As far as readers, we saw that skyrocket during the pandemic," Emma Way, editor at Axios Charlotte, told CNBC. "So at the same time that revenue was falling, readers were spiking. It was kind of this dilemma that I'm sure a lot of news organizations faced."It was a catastrophic and uncertain time for American newsrooms.the country. This includes newspapers that have served their communities for decades. Often, these papers are shut with little notice.
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