Decimating newspaper staffs very profitable

Vulture capitalist Randall Smith found a way to make newspapers profitable. Slash and burn the staff.

Smith is controlling owner of the Denver Post, St. Paul Pioneer Press, San Jose Mercury News and the Orange County Register.

From 2012 to 2017, Smith reduced the Post staff from 184 to 99, close to half.

The Pottstown Mercury went from 73 to 10.

The Norriston Times-Herald went from 45 to 12.

The Pioneer Press dismissals which reduced the staff to 60 brought a $10 million profit.

Smith, through Alden Global Capital and Digital First Media, racked up $160 million in profits in 2017. By shedding all that newspaper talent.

Read the full article at https://www.politico.com/magazine/story/2018/05/13/denver-post-profits-newspaper-industry-218360