The National Trust for Local News is aiding The Colorado Sun as they’re purchasing 24 local newspapers in the state. The online news outlet announced the reason for this deal is to stop the papers from being obtained by hedge funds.
“All too often these days, hedge funds are the first ones in line to buy newspapers, and no one wanted to see that happen,” Larry Ryckman, Editor of The Colorado Sun, wrote.
“News is too important to be left to absentee owners who care only about double-digit profits, not the journalists and the communities they serve.”
The newspapers, which publish weekly, will now be owned by The Colorado News Conservancy, a new company founded by the Sun and the Trust. Also, this deal means that these news publications and websites will proceed to be managed by local staff.
In 2018, ten journalists who worked for The Denver Post left to start The Sun after hedge fund Digital First Media purchased the newspaper and began laying off staff.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
