This is an archived article that was published on sltrib.com in 2016, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
This one sounds really familiar. Only worse:
— The plot to save the Pioneer Press from its hedge fund owners — Mike Mullen | City Papers
" ... The oldest newspaper in Minnesota had been reduced to a skeleton. Now, its overlords were simply picking at the bones.
"On paper, the Pioneer Press is owned by Digital First Media, a chain with papers in California, Michigan, Colorado, Pennsylvania, and along the East Coast.
"In truth, it belongs to Alden Global Capital, a hedge fund with billions of dollars in its portfolio. Alden specializes in what's called 'vulture capitalism,' buying businesses that are undervalued, but still on the way down. They wring out these companies far away from Alden's Manhattan skyscraper. Then they pick at the scraps. ...
" ... A while back, the union took out one of the strangest newspaper ads in memory. For sale: One newspaper, with a small, desperate but dedicated staff, and a Sunday circulation approaching 200,000. Sale price negotiable, as determined by money men in Manhattan.
"The Pioneer Press business department turned down the ad. So they took their business to the Star Tribune.
"It worked. Orrick and others have heard from prospective buyers, and are hitting up wealthy sources and acquaintances. ..."
I feel like the child at the orphanage who asks his new adoptive parents if they can adopt some of my friends, too.
— Potential Tribune owner Paul Huntsman meets with group suing the paper — Tony Semerad | The Salt Lake Tribune
"With his purchase of The Salt Lake Tribune pending, Utah businessman Paul Huntsman met Tuesday with members of a grass-roots group suing Salt Lake City's two dailies over their business dealings. ...
" ... The lawsuit, brought by former Tribune employees and community members, and the DOJ probe have focused on a fall 2013 redrafting of a longstanding business partnership between The Tribune and the News.
"Negotiated by then-Digital First Media CEO John Paton and executives at the News without local Tribune managers' involvement, the changes halved The Tribune's revenues from the partnership, shifted control of joint operations to the News and sold off The Tribune's interest in West Valley City printing facilities.
"Critics say the deal — signed in exchange for a one-time cash payment by the News to Digital First Media — broke antitrust laws and damaged The Tribune's financial ability to survive. It remains unclear whether the revenue shares of the two newspapers would be changed as part of a Huntsman purchase. ..."
— Tampa Bay Times purchases Tampa Tribune — Susan Taylor Martin and Richard Danielson | Tampa Bay Times
"The Tampa Bay Times, Florida's largest newspaper, on Tuesday purchased the Tampa Tribune from Revolution Capital Group, saying it intends to create one financially secure, locally owned daily newspaper in the Tampa Bay region.
"Times chairman and CEO Paul Tash announced the purchase at the Tribune headquarters in downtown Tampa on Tuesday afternoon.
" 'The continued competition between the newspapers was threatening to both,' Tash said in a statement. 'There are very few cities that are able to sustain more than one daily newspaper, and the Tampa Bay region is not among them.'...
" ... Because the papers have duplicate operations in most areas, Tash said there would be job losses at the Tribune. He did not specify a number but said it was likely to be at least 100. The current full-time staff is about 265. Tribune staffers who are not retained by the Times will continue to be paid for 60 days.
" 'Whatever is the number of jobs that is lost now pales in comparison to the number of jobs that have been lost already in newspaper publishing generally, because of the economic pressures that have been upon us,' Tash said. 'It's also smaller than the number of jobs that would be lost if this kind of unstable situation had continued.'...''
— Boston Globe announces buyouts, again — Benjamin Mullin |Poynter
" ... Meanwhile, the owner of The Boston Globe, billionaire Red Sox owner John Henry, has presided over a company on a mission to build standalone publications focused on specific coverage areas. ..."
— The New York Times thinks digital growth will outpace print losses — just not yet — Rick Edmonds | Poynter
Meanwhile, on the fossil fuel side of the ledger:
— Shell Will Cut 2,800 More Jobs After Profits Dive on Weak Oil Prices — Reuters | Fortune
" ... In its first earnings results since the Feb. 15 deal that transformed it into the world's top liquefied natural gas producer, Shell reported better-than-expected first-quarter results despite a 58% drop in profits. ..."
— Why oil prices have nowhere left to go but down — Barbara Kollmeyer | Market Watch
"Looking for a letup in the selling that has walloped markets over the past 24 hours? This morning at least, you're about to be as disappointed as Ted Cruz. ..."
— Oil Price Upheaval Finally Hits Refiners — Bradley Olson and Alison Sider | The Wall Street Journal
"U.S. refiners, which posted robust profits the last 18 months even as other parts of the oil business were racked by low crude prices, finally saw their roll come to a halt in the first quarter. ..."
— Is King Coal on Life Support? — The Bull [Australia]
" ... Since the advent of electricity, coal has been viewed as the 'king' of commodities. But even with the most highly valued commodities, technology can issue a death sentence. More than a century ago the world had a seemingly insatiable demand for whale oil to light the night. The onset of kerosene sent whale oil demand plummeting, leaving only its use in soap and vegetable and certain machine oils. The last whaling ship in the once mighty US whaling fleet left the Port of New Bedford Massachusetts in 1921. ..."
— New home prices dip in first quarter — Nancy Sarnoff | Houston Chronicle
" ... Builders who had been dashing to put up as many new homes as possible are now facing weaker demand as upstream energy companies continue to slash jobs and cut spending. ..."
This next bit is here because it is an example of how success for large swaths of North America will be measured in how much it looks like it looked 1,000 years ago. Not like an oilfield or a refinery.
— The Bison's Comeback Is an American Epic — Jared Leto & Carter Roberts
" ... This once king of the Great Plains was dethroned by the turn of the 19th century as populations were wiped out and their habitat became increasingly fragmented. Plains bison stood on the brink of extinction. Their decline created a domino effect that would ultimately transform America's grasslands.
"Today, their resurgence — from less than 500 bison in 1886 to nearly 20,000 living as wildlife today — marks a triumph for conservation. ..."