For those wondering why American newspapers suck so horribly, this article is illuminating.
Several hedge funds have become newspaper barons in recent years. Alden Global now owns about 60 daily newspapers through a subsidiary, Digital First Media. New Media Investment Group, which is managed and controlled by private-equity firm Fortress, owns almost 150 newspapers in smaller towns like Columbus, Ohio, and Providence, Rhode Island, through a unit, GateHouse Media. And hedge fund Chatham is one of the largest shareholders and bondholders in McClatchy Co., publisher of the Charlotte Observer and Miami Herald.
Whenever you see a bunch of "independent" companies all doing the same thing, there's a reason. Usually money.