Hedge Fund Follows U.S. Playbook With U.K. Newspapers Takeover

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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.

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