Yes, children, this is something I have been talking about for a long time because this practice has been going on in journalism for a very long time.
I saw when I was a journalist covering the newspaper industry in the late 1990s, early Aughts.
Hedge Funds are doing it now, but this is nothing new. Hollinger did the same thing: buy up newspapers, squeeze the assets as jobs were slashed, but not professional asset-squeezers are doing it.
Because that is the only way you can make a newspaper profitable. You buy a newspaper. You let go of the staff who aren’t pulling in new sources of revenue. You sell the printing presses. You contract out the printing. You sell the real estate because developers are hungering from prime location. You squeeze the assets until there is nothing more to squeeze at your threshold level.
If there are B-list pickings, sell to another asset-squeezer. If not, you close down the property.
These are professional vultures, and vultures do not bother with living properties. They look for dead ones.
The Post isn’t very hip to the world, my friends, because it’s been mused here for ages…