Alden provides the kiss of death

Corporate greed is compounding the struggles for the newspaper industry. Within the past few weeks, a large company has provided the kiss of death for 10 newspapers in Minnesota.

Alden Global Capital, a mega hedge fund, which owns hundreds of papers across the country, announced the closing of all its Minnesota properties, except for the St. Paul Pioneer Press. Included in the closures at the end of April are a handful of suburban papers (Chaska, Prior Lake, Shakopee to name a few) and the Hutchinson Leader, a once thriving twice a week newspaper in McLeod County where I grew up. Hutchinson, a community of 14,500 people, is home to a large 3M plant. The football team won the state title last fall.

Two of the newspapers, Shakopee Valley News and Chaska Herald, have published for more than 160 years. The Leader in Hutchinson was founded in 1880. A neighboring newspaper in Litchfield will also cease publication. It has been around since 1876.

It’s no secret that Alden Global could care less about community journalism. The company is widely known for buying and gutting newspapers. And, as evidenced by last week’s announcement, eventually closing them. It’s referred to as “vulture” capitalism by taking over legacy newspapers and making drastic cuts, reducing publishing and slashing jobs to boost profit margins.

What Alden has done to journalism in this state is gut wrenching. But, of course, why would its president who reportedly lives in a $19 million mansion in Florida really care?

I grew up reading the Hutchinson Leader twice a week. It published my family’s success over the years in 4-H and my dad’s purebred hog business. Even though the paper had become difficult to look at in recent years as it cut down to once a week with a substantial number of fewer pages, I still read it. It was the heart and soul of McLeod County. It’s what people counted on for local news.

The publisher that gave me my start in the newspaper business also owned the Leader at one time. That was back in the days of when local owners cared deeply about local community newspapers.

Despite what Alden has done to journalism and several local communities throughout Minnesota, I am here to tell you that there are still some local newspaper owners and editorial staffs that have the best interest of the communities they serve in mind. The Dodge County Independent is one of them.

Anyone who works in journalism knows they’re not going to get rich. Holding onto a hope that we’ll become wealthy with money isn’t the reason why we do what we do every week. But becoming rich with pride in upholding democracy and providing a service to the community is something that means so much more to journalists.

Shame on Alden Global for the travesty it has caused some Minnesota newspapers. Perhaps its leaders need to get out into the communities to see that there is a heart and soul in them, and people are craving local news coverage. Oh, I forgot, it’s too late for that as corporate greed got in the way.

If anything, it has provided me even greater incentive to go in hot pursuit of providing our readers with community journalism they want and certainly deserve.