Pillaging Papers, Donald’s Demolition, Losing Limbaugh

News Industry Chastened by Hedge Fund Purchase of the Chicago Tribune.

February 21, 2021 – The newspaper industry staggered again last week when the storied Chicago Tribune, which owns several major metropolitan papers across the country, agreed to sell the company to a financial services firm, furthering fears about the future of America’s print media.

Award-winning newspaper columnist, Martin DeAngelis, formerly of The Atlantic City Press, told the Retail Politics Podcast on Sunday that the purchase by Aldan Global Capital will likely result in staff and salary cuts to journalists already reeling from a drastic drop in newspaper circulations and the elimination of 50 percent of the print reporting workforce over the last 15 years.  

DeAngelis worked at the Atlantic City paper when Berkshire Hathaway, the financial giant run by legendary investor Warren Buffett, purchased the paper seven years ago, promising to maintain its journalism integrity.

“They came in saying no salary cuts and no staff cuts,” said DeAngelis, who worked at the paper for 32 years. “Four years later, I was a staff cut.”

DeAngelis also dishes on covering former President Donald Trump during his casino days in Atlantic City and reflects on the death and impact of legendary conservative radio host Rush Limbaugh.

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The Retail Politics Podcast with Gerry Shields can be heard at retailpoliticspodcast.com and on Apple and Spotify. Shields is a former congressional correspondent and author of the new book: The Front Row: My Jagged Journey Recording American History from Reagan to Trump now available on Amazon.com.