Pioneer Press Will See More Staff Layoffs: Report

SAINT PAUL, MN — Pioneer Press, which is owned by a New York-based hedge fund, will see up to eight more company-wide layoffs soon. That's according to Pioneer Press reporter Nick Woltman, who tweeted the news Thursday.

Woltman noted that Alden Global Capital, which owns the Saint Paul-based newspaper, has reportedly cut staff at the outlets it owns at a rate "more than twice the industry average since 2012."

Last year, Patch reported on media watchdogs claiming that the New York-based hedge fund's quest for profit comes at the expense of local journalism:

Alden Global Capital has a majority share of Digital First Media, which owns the Pioneer Press and 61 other daily newspapers across the United States. The Nieman Lab reported Friday that Digital First "has ridden its deep cuts to nearly $160 million in profits and the highest margins in the business."

"Alden Global Capital is making so much money wrecking local journalism it might not want to stop anytime soon," writes Ken Doctor.

Read more: Hedge Fund Gets Rich By Gutting Pioneer Press: Report