Hedge fund guts newspapers as it profits from their land
Hedge fund now looks toward Gannett - and its valuable real estate
When the building housing the downtown Memphis Commercial Appeal newspaper sold last April, the name of the buyer - Twenty Lake Holdings LLC - seemed of little consequence. The paper would be moving from its longtime home amid declining circulation and a shrinking staff under its owner, Gannett. The old newsroom was little more than an afterthought.
But Twenty Lake Holdings is not just another commercial real estate ...