New York Daily News makes a plea for local ownership as hedge fund takeover looms

In Wednesday's edition of the New York Daily News, reporter Larry McShane practically begs someone local to "step up and save New York's Hometown Paper."McShane and many of his colleagues fear that Tribune's current path, a takeover by Alden Global Capital, will cause further harm to the paper.

McShane's column calls Alden a "notorious hedge fund known for decimating newspapers like the Denver Post before picking the bones for profit."He said the Daily News deserves "a New York owner, someone who knows the city and embraces the paper's 102-year legacy, who hears the voices of the five boroughs shouting from every page and our website. Someone who can treat the newspaper as a public trust, not simply as a property from which to squeeze every last bit of possible profit."

Jennifer W. Sheehan, a reporter at another Tribune title, The Morning Call in Allentown, Pennsylvania, tweeted in response, "All of us have been working for months to get new owners that can help us escape ownership by the worst hedge fund in America. It may be down to the wire but we will not stop."READ SOURCE HERE.