Pension Funds to Stop Investing in Cerberus Capital Management
Unionized media-industry workers urge pension funds to stop investing in Cerberus capital management. CCM is a large private-equity firm backing Alden Global Capital, a hedge fund that is notorious for aggressively cutting costs in newsrooms.
CCM specializes in distressed investments much like Alden, and due to the relationship, Alden has been enabled to cut costs to the hundreds of newspapers it controls.
“Your pension fund is supporting the wholesale destruction of communities’ right to essential information…” states Julie Reynolds, a freelance writer and NewsGuild member. The Pennsylvania Public School Employees’ Retirement System has $1.6 billion invested in Cerberus, which makes buying out these large newspaper chains such as Tribune Publishing a rather simple task.
New York Times Acquires The Athletic
As the New York Times subscription growth starts to slow down, the company looks for a new strategy to combat the decline. The Times’ answer to this is to acquire The Athletic, a sports-media company that competes against the Ringer, Bleacher Report, and Yahoo Sports.
Acquiring The Athletic could give the New York Times the boost in subscriptions to combat the decline being seen currently. The sports-media company would open a new worldwide channel for the platform, bringing English speaking sports fans from all over the world to the site.
The New York Times is set to acquire the company for $550 million. The company already has 1.2 million subscribers, as well as 600 employees.
$12 Million Raised to Support NewsMatch
As of December 31, 2021, the Institute for Nonprofit News (INN) and its partners raised $12 million to support the NewsMatch program, which benefits nonprofit news organizations across North America. The $12 million total includes $6 million in matching funds, incentive bonuses and organizational support for the 2021 campaign, eclipsing the $5.1 million raised for the NewsMatch national fund in 2020.
Rogers Named to Lee Media Group Post
Ben Rogers, president and director of local sales and marketing at The Post Star, has been appointed president of one of Lee Enterprises media groups, the Rapid City Media Group.
Prior to joining Lee, Rogers was with Swift Communications, where he served in multiple leadership roles.