We are being made monkeys of by the hedge funds and private equity firms which have scooped up most of our largest newspapers and turned these formidable weapons of mass propaganda on us. The vulture capitalists are laughing all the way to the bank while we shower them with bailout money and blame Big Tech for not sitting still to be similarly fleeced.
  • mPony@kbin.social
    9·
    1 year ago

    FTA
    “Postmedia should have gone bankrupt in 2016, when its revenues fell to where they could no longer service its more than $600 million in debt. Then-CEO Paul Godfrey pulled a fast one, however, by replacing its majority hedge fund owner with one from New Jersey and axing about half of the company’s debt to keep the shell game going. Few in Canada noticed the change in ownership, noted the New York Times a few years later, because it “happened so quietly that Postmedia’s own financial news site described it as a debt restructuring.” Postmedia is again under water and facing bankruptcy if Ottawa doesn’t bail it out.”

    Postmedia is done. They exist to pull the country apart. Let them rot.

    • Rocket@lemmy.ca
      1·
      1 year ago

      Why would Ottawa not bail it out? It did already just a few years ago, and C-18 was clearly intended to bail them out again. While the latter is seemingly a failure, they’ll find some way to keep them going.

  • blakcod@lemmy.ca
    21·
    1 year ago

    Curious. What is the appetite for a news site/network outside the confines of VC’s and the like? What’s stopping a group from creating a new company and going against the grain? I understand it’s going up against a machine far larger then one can fathom but there has to be enough of you who are jaded and far more knowledgeable in your line of work to get over those hurtles.

    • Kichae@lemmy.ca
      3·
      1 year ago

      Operating costs.

      If you’re trying to run an honest-to-goodness news outlet, you need to be able to afford reporters, editors, printers, web hosting, etc.

      If you’re just running a propaganda rag in an attempt to astroturf political issues, then it doesn’t need to make its operating costs back. You’re paying to ensure politicians friendly to your other businesses are in power.

      • blakcod@lemmy.ca
        1·
        1 year ago

        Totally get that and also the heavy lifting and weaving involved to get something wholesome and mind changing.

        My against the grain push was to get away from the polluted regurgitated sociopathic 24/7 post OJ Simpson/911 fear-mongering idiocy creating bullshit.

        I want my 6 o’clock news that wraps up the days events. My in-depth article coverage on a Saturday morning spread which gave me something to talk and create a conversation besides asking how’s the weather and I’m too busy general walk around in everyday life with colleagues, friends and strangers.

        Less is more and quality isn’t quantity.