The news industry has been through so many cost saving measures over the last decade that it’s a wonder there is anything left to cut. A group backed by a Denver-based hedge fund begs to differ. It has offered $1.36 billion to purchase Gannett, the publisher of USA Today and other major papers around the US.
The group, Digital First Media, is known in the industry for ruthless cost cutting. “Digital First is really the most avaricious of the newspaper chains these days," and is "unique in the degree to which it is willing to cut" costs and jobs, said a journalism professor from Northeastern University. Courtesy The Chicago Tribune.