NY Daily News calls out VC firm Alden Capital over work conditions

An excerpt from The New York Post reads:

The New York Daily News union slammed the vulture hedge fund that owns the 102-year-old newspaper for unsustainable work conditions that have left the remaining staff “hanging by a thread.”

The union, which represents most of the skeleton staff left at the paper, called out Alden Global Capital for causing burned-out workers to “quit in droves,” in a series of tweets Thursday.

“Twelve journalists have resigned from the Daily News over the last three months. That’s about 20% of our newsroom. Staffers are quitting in droves. Our owners — Alden Global Capital — don’t seem to care. New York City should care,” the union tweeted.

The paper is down to “two staff reporters to chase crimes on the street” and the few editors remaining are struggling to put out daily editions, the union said.

Alden Capital and its controversial leader Heath Freeman have purchased numerous media companies to immediately gut them of essential staff and pocket the cost savings, a practice known as “vulture capitalism.” Qwoted Editor in Chief Lou Carlozo slammed Freeman in a recent column, noting that under his watch, more than 1,000 journalists have lost their jobs.

Freeman purchased his prize possession, a Duke University basketball jersey belonging to Christian Laettner, for $119,500.

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