I’ve always had a soft spot for local media. When I was younger and first moved to Manhattan, I launched a media company about the East Village neighborhood. Although it didn’t wind up working, I couldn’t stop thinking about it as a business. That was insane because local media has probably been the most gutted of all the sectors in media. Hedge funds gobbled up local media brands and they sucked most of the profits out of them. These papers didn’t innovate and instead of focusing on delivering strong journalism, cuts were made that reduced the product to nothing.
This tweet sums it up perfectly.