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Hedge Fund Follows U.S. Playbook With U.K. Newspapers Takeover
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GoldenTree among bondholders taking control of Johnston Press
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Hedge funds already control hundreds of news titles in U.S.
The collapse of Johnston Press Plc into the arms of a New York hedge fund marks an unusual twist in the long decline of the U.K.’s local newspaper industry.
In fact, it fits a pattern that has played out for years in the U.S., where hedge funds have become the new newspaper barons, acquiring hundreds of local titles and slashing costs as circulation falls.