Community Newspaper Holdings Inc. made "its first acquisition of a newspaper in 14 years . . . after a dramatic contraction that included the closure or merger of 16 of the company’s papers since the start of the Covid-19 pandemic," Dan DeWitt reports for the Brevard NewsBeat in western North Carolina. DeWitt competes online with The Transylvania Times of Brevard, the paper CHNI bought this month.
|Transylvania County, N.C. (Wikipedia map)|
CNHI is owned by the Retirement Systems of Alabama, which has caused it to be lumped in with other investment groups, but Cross told DeWitt that it differs from hedge funds and the like, because it has always been a newspaper company and is journalistically driven, as witnessed by its continued employment of Pulitzer Prize-winning editor Bill Ketter as senior vice president for news. "I believe that CNHI believes, as I do, that there is no future for newspapers that don’t have quality," Cross said. "They’ve got to provide journalism that people want and journalism that people need."