Two hedge fund-owned Twin Cities newspapers to close

The two papers cover the Lake Minnetonka and Eden Prairie areas.
Author:
Publish date:
newspaper

Two west metro newspapers are the latest victims of the coronavirus crisis, announcing their closure as of April 30.

The Eden Prairie News and Lakeshore Weekly News will issue their final editions next week, general manager Laurie Hartmann announced on Thursday.

The newspapers were among the 11 bought earlier this year by Digital First Media, a subsidiary of the notorious hedge fund Alden Global Capital, which also owns the Pioneer Press and is known for enacting significant cuts in newsrooms.

The sale of the newspapers came just before the COVID-19 outbreak, which has sent advertising revenues plunging and resulted in newspaper closures, news room layoffs and furloughs across the country.

"Changes within our communities have always been documented by our news products, and we’ve seen our share of it within the media industry, particularly in recent years," Hartmann wrote. 

"We, too, have experienced a decline in advertising revenue, changes in marketing preferences, and now, the impact on local business, including our newspapers, from COVID-19."

Sign up for our BREAKING NEWS newsletters

The other publications under the Southwest News Media umbrella, including weekly newspapers in Chanhassen, Chaska, Shakopee, Jordan, Prior Lake and Savage, will continue.

Since the coronavirus outbreak started, both of the Twin Cities' major newspapers, the Star Tribune and the Pioneer Press, have embarked on temporary furloughs for staff in order to offset losses as advertising has dried up.

The Pioneer Press' union reached a deal with Alden Global Capital whereby staff take a month of furloughs on a rolling basis in exchange for a commitment that no layoffs would happen before the end of July.

East metro newspapers, the Hastings Star Gazette and The Bulletin of Woodbury and Cottage Grove, also closed earlier this month.

The announcement comes in the same week that a group of members of Congress, including Minnesota's 1st District GOP Rep. Jim Hagedorn, called on the federal government to provide financial support to America's local media outlets during the pandemic.

Next Up

Antoine Winfield Jr.

Watch: Gopher alums Antoine Winfield Jr., Tyler Johnson make key plays in Bucs' playoff win

The Minnesota greats had a pair of highlights as Tampa Bay advanced to the NFC Championship.

Er-hgw7XYAQup5n

Crews respond to fire at Gertens in Inver Grove Heights

It's reported that a greenhouse on the grounds was on fire.

Marcus Carr

Why the Gophers could be in line for a high seed in the NCAA Tournament

The Gophers are done with a brutal stretch and are poised to make a run.

police tape

Authorities ID man fatally struck by 'errant bullet' in Willmar

The man was working in his garage when he was fatally shot.

ambulance

1 dead, 1 critically injured in head-on crash on Highway 169

The State Patrol says driving impaired may have been a factor in the crash.

Richard Pitino

Gophers game against Nebraska postponed due to COVID outbreak

The Cornhuskers have had 12 members of its team test positive for COVID-19.

Bob Kroll

What Minneapolis Police Lt. Bob Kroll said in Sunday radio interview

Kroll said that once he's retired he'll go "radio silent."

coronavirus, SARS-CoV-2, covid-19

Here is Minnesota's COVID update for Sunday, January 17

The health department provides updates daily at 11 a.m.

Sen. Julia Coleman

'No one's business': State senator calls out attack on her pregnancy

Sen. Julia Coleman represents Minnesota's District 47.

Willmar Police Department

'Errant bullet' goes through garage wall, kills Willmar man

The man was working in his garage when he was shot, witnesses said.

Related

Notorious hedge fund buys Minnesota media group and its 11 newspapers

Alden Global Capital has been referred to as a hedge fund "vampire."

More layoffs coming at the hedge fund-owned Pioneer Press

The newspaper's editorial department has already been decimated by cuts.

Inside the hedge fund-owned Pioneer Press, frustration reigns

The newspaper is posting healthy profits but losing reporters, much to the frustration of its remaining staff.

newspaper

Newspapers close, staff cut as coronavirus hits the Minnesota media

Two Twin Cities titles are shutting down, while there are cuts at other media outlets.

newspaper

Another MN newspaper closing because of coronavirus impact

The Lake County News Chronicle has been publishing since 1890.

Express

Two Twin Cities stores among 100 Express closures

The stores at Burnsville Center and Eden Prairie Center are closing.

15196242946_9995179572_k

Company that owns Chuck E. Cheese's files for bankruptcy protection

The restaurant industry has been hammered by the COVID-19 pandemic.