News for hackers. Stuff that matters.

A comment on FTX collapse, Tether operations have linked to online-poker cheating scandals. Parent comment

Re:FTX collapse, Tether operations have linked to online-pok... by cguess on Monday November 14, 2022 @10:43AM (#33595614)
No one, and (though I'm not sure this is true in the UK as well, though I imagine it is) it's pretty much 100% private equity's fault. They bought up every local paper they could, saddled them with the debt (how that's a thing that's allowed in accounting I will never understand), and then claimed the Internet killed them.

Yes, news orgs could have adapted faster, but most privately held papers were in the black. Only when the debts and insane growth expectations were added were they dying.

Private equity is ruining modern democratic institutions.

[ Parent | on HN ]
Re:FTX collapse, Tether operations have linked to online-pok... by pasc1878 on Monday November 14, 2022 @03:28PM (#33600525)
Agreed about privat equity in general but the UK papers are all owned by media groups I think so no PEs fault here.

The issue is lack of advertising revenue. No local classified adds or local firms. All gone to Facebook.

[ Parent | on HN ]