Ep. 894: Michael O'Leary Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Turbulence of the Newspaper Industry
The newspaper industry for those who haven't been following it closely has been undergoing a fair amount of turmoil, mostly driven by a loss of advertising revenue and a loss of subscribers. What was happening in the newspaper industry is there's a few hedge funds, a few financial buyers who've been going around rolling up newspapers. One digital first media owned by a hedge fund all in global capital, they became somewhat notorious because their way of helping their newspapers to survive was by gutting newsroom staff. When they put an offer to buy Gannett, Gannett initially rebuffed them and they said, okay, well, instead we'll have a proxy war for board elections.
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