{"id":45710,"date":"2020-01-31T20:34:01","date_gmt":"2020-02-01T01:34:01","guid":{"rendered":"https:\/\/acprimetime.com\/?p=45710"},"modified":"2020-01-31T20:34:08","modified_gmt":"2020-02-01T01:34:08","slug":"press-of-atlantic-city-sold-again-more-cuts-coming","status":"publish","type":"post","link":"https:\/\/acprimetime.com\/press-of-atlantic-city-sold-again-more-cuts-coming\/","title":{"rendered":"Press of Atlantic City Sold Again. More Cuts Coming?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large caption-align-center\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"631\" src=\"https:\/\/acprimetime.com\/wp-content\/uploads\/2018\/02\/press-of-ac-box.jpg\" alt=\"Atlantic City Newspaper Decline\" class=\"wp-image-42762\" srcset=\"https:\/\/acprimetime.com\/wp-content\/uploads\/2018\/02\/press-of-ac-box.jpg 900w, https:\/\/acprimetime.com\/wp-content\/uploads\/2018\/02\/press-of-ac-box-400x280.jpg 400w, https:\/\/acprimetime.com\/wp-content\/uploads\/2018\/02\/press-of-ac-box-768x538.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption>Slow, Painful Decline.<\/figcaption><\/figure>\n\n\n\n<p>Warren Buffett is giving up on The Press of Atlantic City and his other newspaper properties. Buffett is selling to Lee Enterprises. He&#8217;s unloading his newspaper &amp; media investments. Watch for more downsizing and cutbacks. <\/p>\n\n\n\n<p>Sadly, even though most newspapers have stripped their properties to the bone, insiders fear more cuts are coming. Especially with the announcement that <strong>Alden Global Capital, a vulture hedge fund<\/strong>&nbsp;has recently acquired a $9.2 million stake in Lee Enterprises. <\/p>\n\n\n\n<p>Buffett has warned of newspaper&#8217;s decline. The rise of Internet sharing and online news sources like ACprimetime.com and DownbeachBuzz.com are filling the void. <\/p>\n\n\n\n<p>Traditional media like newspaper and radio are not only losing ad revenue and following, but critical influence in the community, too.<\/p>\n\n\n\n<p>In 2019, Buffett said the newspaper industry was &#8220;toast.&#8221; Buffett admitted that very few newspapers have digital models strong enough to offset declines in print circulation and ad revenue.<\/p>\n\n\n\n<p>A few years back, Buffett told shareholders that he soured on the newspaper industry. Print advertising and newspaper circulation have deteriorated much faster than he expected.<\/p>\n\n\n\n<p>Lee Enterprises will buy BH Media Group\u2019s publications, which includes The Press of Atlantic City. Lee has managed BH Media&#8217;s publications since July 2018. Berkshire partnered with Lee in 2018 in order to lower costs.<\/p>\n\n\n\n<p>The newspaper business has been in serious decline over the past two decades. Some blame the Internet. Others blame reporter &amp; publisher activism. Too much focus on national and social justice issues&#8230;.instead of local news.<\/p>\n\n\n\n<p>The internet has taken up much of the advertising market share that used to be owned primarily by print newspapers.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p> Berkshire&#8217;s sale comes as private-equity firms and hedge funds are buying up local newspapers and slashing costs. <\/p><\/blockquote>\n\n\n\n<p>Half of the surviving U.S. newspapers could be gone by 2021. Many local papers fail miserably when trying to transition print customers into paying digital subscribers. <\/p>\n\n\n\n<p>Nearly 1,800 newspapers closed between 2004 and 2018.<\/p>\n\n\n\n<p>Mid-sized papers like the Press of Atlantic City have suffered the most. High printing &amp; publishing costs. Online ads are a fraction of the price of print ads.<\/p>\n\n\n\n<p>BEWARE &gt; The loss of local newspapers could create a &#8220;news desert.&#8221; Residents less informed on the issues that matter to their region. <\/p>\n\n\n\n<p>Newspapers have served as community watchdog. A check on the power of local officials. Without local media oversight, city governments often become less efficient. Fewer run for political office. See: Margate and Ventnor.<\/p>\n\n\n\n<p>Without the critical government oversight facilitated by local news orgs, city municipalities are wasting millions of taxpayer dollars. They become less efficient.<\/p>\n\n\n\n<p>Scott Cronick, an entertainment writer for the struggling Press of Atlantic City says he&#8217;s not worried. He should be. The new owners of his paper include ALDEN GLOBAL, a private equity firm well-known for draconian cuts to staffing and resources.<\/p>\n\n\n\n<p>Cronick readily admits that people complain about newspapers all the time. <em>Without a newspaper, who will keep politicians honest? A Philadelphia-based TV station? Nope.<\/em> <em>Not the radio station (Cronick) works for.<\/em> (WOND 1400am) <em>The staff just isn&#8217;t there. <\/em><\/p>\n\n\n\n<p><em>Newspapers are watchdogs for the community. Without them, governments get away with more questionable moves. <\/em><\/p>\n\n\n\n<p>Lately, local newspapers have reduced their investigative reporting. No longer likely to print uncomfortable news about the local economy and elected leadership.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warren Buffett is giving up on The Press of Atlantic City and his other newspaper properties. Buffett is selling to Lee Enterprises. He&#8217;s unloading his newspaper &amp; media investments. Watch for more downsizing and cutbacks. Sadly, even though most newspapers have stripped their properties to the bone, insiders fear more cuts are coming. Especially with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":45711,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Press of Atlantic City Sold Again. 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Buffett is selling to Lee Enterprises. He&#8217;s unloading his newspaper &amp; media investments. Watch for more downsizing and cutbacks. Sadly, even though most newspapers have stripped their properties to the bone, insiders fear more cuts are coming. Especially with&hellip;","_links":{"self":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/45710"}],"collection":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/comments?post=45710"}],"version-history":[{"count":0,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/45710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media\/45711"}],"wp:attachment":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media?parent=45710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/categories?post=45710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/tags?post=45710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}