In the longer term, lawmakers and regulators are going to have to grapple with the damage Google and Facebook have inflicted on the publishers whose content they have leveraged to attract advertisers. And philanthropic foundations and private benefactors should consider the establishment of a “deconsolidation fund,” or community based media fund, that could be used to help newspapers ease into nonprofit status, represent the public interest in bankruptcy proceedings or even buy local newspapers from chains. Courageous work is being done by journalists across America, but locally owned newspapers are ultimately more accountable to their communities than chains owned by hedge funds and private equity firms..
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