By October 2022, Sinclair Broadcast Group owned or operated 294 television stations across the United States in 89 markets, reaching approximately 40% of American households and maintaining its position as the nation’s largest owner of local television stations. This unprecedented …
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On October 18, 2021, NPR published comprehensive reporting documenting how hedge fund ownership of local newspapers creates “news deserts” that cause measurable harm to democratic governance and civic life. The investigation revealed that since 2005, 2,500 newspapers have closed in the …
Alden Global CapitalLocal NewspapersHedge FundsCommunitiesUniversity of North Carolina Researchersnews-desertshedge-fund-predationnewspaper-collapselocal-journalismdemocracy+3 more
Former Facebook product manager Frances Haugen testifies before the U.S. Senate that Facebook’s products harm children, stoke division, and weaken democracy, backed by tens of thousands of internal company documents showing Facebook executives knew about Instagram’s severe mental health …
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On May 21, 2021, Tribune Publishing shareholders approved hedge fund Alden Global Capital’s $633 million acquisition of the newspaper chain, making Alden the second-largest newspaper publisher in the United States. The transaction gave Alden control over nine major metropolitan dailies …
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On July 16, 2018, FCC Chairman Ajit Pai announced “serious concerns” about Sinclair Broadcast Group’s proposed $3.9 billion acquisition of Tribune Media and referred the merger to an administrative law judge for a hearing—an extremely rare action that effectively killed the deal. …
Federal Communications Commission (FCC)Ajit PaiSinclair Broadcast GroupTribune MediaDavid Smith+1 moresinclair-broadcastingmedia-consolidationregulatory-capturefccpropaganda+3 more
In mid-April 2017, just weeks after quietly departing the Trump White House in March, Boris Epshteyn was hired by Sinclair Broadcast Group as “chief political analyst,” creating a direct propaganda pipeline from the Trump administration to 173 local television stations in 81 markets …
Boris EpshteynSinclair Broadcast GroupDonald TrumpWhite House Office of CommunicationsTrump Administrationsinclair-broadcastingpropagandamedia-consolidationtrump-coordinationrevolving-door+3 more
The European Stability Mechanism (ESM) board of governors approves a Memorandum of Understanding for Greece’s third bailout program worth up to €86 billion, specifying harsh reform policies Greece must fulfill despite Greek voters rejecting similar conditions by 61% to 39% in a referendum just …
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Greek citizens vote decisively 61% to 39% to reject a referendum on accepting more Troika bailout conditions in exchange for increased austerity measures, in the first referendum held in Greece since 1974 and the only one in modern Greek history not concerning the form of government. The …
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Michigan Governor Rick Snyder appoints Michael Brown as emergency manager of Flint, effectively stripping all power from the city’s democratically elected mayor and city council under Public Act 4 of 2011. The law, signed by Snyder on March 16, 2011, granted appointed emergency managers …
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On July 24, 2008, Bain Capital and Thomas H. Lee Partners completed a historic $26.7 billion leveraged buyout of Clear Channel Communications, the nation’s largest radio broadcaster with over 1,200 stations. The transaction, led by Bain Capital (founded by Mitt Romney in 1984), loaded the …
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By August 30, 2000, Clear Channel Communications completed its acquisition of AMFM Inc., creating a radio empire of 1,240 stations nationwide—representing a 30-fold increase from the 40 stations Clear Channel owned before the 1996 Telecommunications Act eliminated ownership caps. This unprecedented …
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The Telecommunications Act of 1996’s media consolidation provisions trigger massive job losses across American journalism, gutting local news coverage and professional media employment. In radio alone, cities that once had 100 jobs for radio professionals now have perhaps 20, an 80% reduction …
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On April 29, 1938, President Franklin D. Roosevelt sends a special message to Congress warning that concentrated corporate power poses an existential threat to American democracy, using language that explicitly links economic monopoly with the rise of fascism. Roosevelt declares that “the …
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