People keep talking about newspapers as though they can’t stay in business, when what’s really happening is the venture capitalists are buying them and stripping them for parts. Via Deadspin:
When people talk pejoratively about “class warfare,” they almost never are referring to things like the above sequence of events. But what happened to the Daily News at the hands of Tronc is class fucking warfare, a massive redistribution of wealth from the paper’s working people to a disgusting handsy shitbag multimillionaire, in a decision made far above those working people’s heads by a small handful of executive- and investor-class vampires. The journalists who lost their livelihoods today in effect had their salaries and benefits re-routed to Michael Ferro’s bank accounts. Against their wills, they were made to pay him for being a fucking pig.
Versions of this are happening all across the media industry: Ownership parasites writing checks to themselves and each other that must be cashed out of the livelihoods of real people with no say in the matter. Deadspin’s parent company, Univision, recently bought out dozens of people across our network of sister sites—originally they’d intended layoffs, before negotiating with our union—not because we’re doing unprofitable work, but simply as a means of passing along the outrageous debt the company’s owners took on when they purchased Gizmodo Media Group in the first place. Next they’ll sell us off—altogether or piecemeal, as best suits their wallets and nothing else. It is, pretty much exactly, the Fuck you, pay me! sequence from Goodfellas, playing out in real time.