Schumer Concerned About Future of Binghamton Newspaper
Senator Charles Schumer is worried about what will happen to several upstate New York news operations if a hedge fund lands control of Gannett Company.
Digital First Media made an unsolicited offer to acquire Gannett, which owns the Binghamton Press & Sun-Bulletin. Gannett also has newspapers in Elmira, Ithaca, Rochester, Pougkeepsie and Westchester County.
Digital First is controlled by the hedge fund Alden Global Capital.
Speaking on the Senate floor Tuesday, Schumer expressed concern about what would happen to Gannett's already-lean newsrooms if Digital First takes over the company.
Schumer noted many newspapers have been shut down in recent years as a result of the changing media landscape.
The Democratic senator said the trend has been "particularly troubling" in smaller markets. He said "local newspapers have been the glue that keeps communities informed and stitched together."
Schumer noted the hedge fund that seeks to acquire Gannett has become known as the "destroyer of newspapers." He said the loss of the Press & Sun-Bulletin and other Gannett papers would be "incalculable."
Schumer said what is already an "undersourced operation now faces potential annihilation by an indifferent media conglomerate backed by an even-more indifferent hedge fund."
Contact WNBF News reporter Bob Joseph: email@example.com
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