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Securities and Exchange Commission has not taken action. A report by NiemanLab Tuesday said the New York-based hedge fund not only misrepresented its cash position but failed to disclose a secret investor meeting, possibly running afoul of federal securities laws. (Call me.)”Īlden Global Capital is coming under scrutiny for saddling Tribune Publishing with hundreds of millions in debt after promising it would fully finance its acquisition of the company with cash on hand. I’ll be dictating my memoirs into a Dixie cup connected to a string and, significantly, seeking other work. I am sad to be setting it all aside as I leave the Tribune in Friday’s departure wave, but circumstances, well-documented by now, conspired against said career making it to 45 years, or even 40. It changed enough to keep it challenging, and the work always felt like it mattered.
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“It’s also added up to a professional writing career I did not expect would last this long in one place. “It’s all added up to hundreds of thousands of words, most of them coherent, many of them not embarrassing to re-read,” Johnson tweeted.
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Born in Chicago and raised in Derry, New Hampshire, Johnson joined the Tribune as an intern straight out of Brown University in 1986 and held multiple positions, including distinguished runs as media columnist, TV critic and arts and culture writer. Steve Johnson, an exceptionally gifted writer and discerning critic, added his name to the Tribune’s buyout exodus Tuesday. In the meantime, I hope people of good will who care about their communities and the nation as a whole will continue to subscribe to newspapers, almost certainly in digital form primarily, to help keep these enterprises alive.” “A lot of innovative work and experimentation is taking place around the industry - the new ‘green shoots’ of journalism - but it will take a long time to fill the present gap. This must be repaired to preserve a healthy, functional society,” he said. That goes a long way to explaining the speed of the dissolution of American newsrooms at the metropolitan level, tearing a huge hole in democracy’s safety net formed by journalism. “Over the past 15 years, the newspaper industry’s advertising revenue has declined by more than two-thirds, much of it migrating to digital giants such as Google and Facebook. Those models may be non-profit or for-profit or both. “Journalism in major metropolitan areas will remain under enormous pressure until the industry can develop new revenue models sufficient to support it. I am cheering for their success,” Kern said. I have no doubt that the journalists remaining at the Tribune will continue this tradition of public service.
“The Chicago Tribune grew up with Chicago, telling its story and holding its leaders and institutions accountable every step of the way. To his beleaguered former comrades, Kern offers words of encouragement and hope. Then he managed to get out just as the Michael Ferro nightmare was unfolding. To his credit, Kern shielded his newsroom from the worst of the Tribune Tower circus upstairs. Kern, who joined the Tribune in 1991 after 15 years at the Daily Herald, moved up to editor in 2008 at the dawn of the Sam Zell era.
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“I understand full well the trials they are experiencing, and I completely understand why many have chosen new directions for their careers. “My heart goes out to my former colleagues in the Chicago Tribune newsroom,” Kern told me Tuesday. Much of what Kern championed during his tenure, especially in the area of opinion leadership on the editorial page and among op-ed columns, has been imperiled by the latest staff reductions. In the words of current Tribune editor Colin McMahon, it represents “a tremendous loss of talent, passion and grit.” Now, five years after he retired, Kern, 71, is watching from the sidelines as 40 more journalists - including many of the paper’s marquee stars - exit with buyout packages from the company’s new hedge fund owners.
As top editor of the Chicago Tribune for eight tumultuous years, Gerry Kern led the city’s premier legacy news organization through a protracted bankruptcy, a major downsizing of staff and a solid commitment to local news, investigative reporting and digital advancement.
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