Freelance writers and photographers fear California’s new gig worker law will make them unemployable.
Fortress will give up the management contract at the end of 2021, but will leave with a payout that New Media investor“I know we’re happy to get rid of Fortress,” Cooperman told Reed. “They brought this public in 2014 at $16 a share. The stock is $8.5 and they’re going to walk away with hundreds of millions of dollars. ... They shouldn’t even take the money, given what they’ve done here.”
In the news business that’s a self-fulfilling strategy, however. Public companies such as Gannett and McClatchy have resisted such fatalism. They have imposed sharp cuts on some of their local publications and cut back on physical delivery — McClatchy is planning to end Saturday publication of all its newspapers by the end of next year, though it will post new articles online. But they also have invested in investigative reporting and other national-level efforts, as well as digital initiatives.