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March 3, 2024
PI Global Investments
Hedge Funds

A new film tells a story of how hedge funds are destroying local journalism.


Episode 218 of “E&P Reports” – A Vodcast series hosted by Mike Blinder

Rick Goldsmith’s website: New Day Films states that his mission as a filmmaker is to “tell stories that encourage social engagement and active participation in community life and the democratic process, and to stimulate young minds to question the world around them.”

And when one watches his latest work: “Stripped for Parts: American Journalism at the Crossroads,” a 90-minute documentary that tells the tale of how hedge fund Alden Global Capital’s entry into the news publishing industry has dismantled local newspapers “piece by piece,” creating a crises within the communities they serve, leaving “news deserts” and “ghost papers” in their wake.

A posted synopsis about the film by Goldsmith, states “Ours is a cautionary tale: What is lost when billionaires with no background nor interest in a civic mission, who are only concerned with profiteering, take over our most influential news organizations? What new models of news gathering, and dissemination show promise for our increasingly digital age? What can the public do to preserve and support vibrant journalism? Stripped for Parts addresses these questions and more. “Democracy dies in darkness” and the stakes could not be higher.”

In this episode of “E&P Reports,” we go one-on-one with twice Emmy nominated, documentarian Rick Goldsmith to learn why he spent more than 2-years creating his latest work: “Stripped for Parts “a film that tells the tale of how newspapers business model is faltering, not just because of the loss of advertising and digital disruption; but also to capitalist greed, as hedge funds and corporate America buy them, sell their assets and leave the communities they serve without their local “voice” and a final check on power.

 





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