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Phil Napoli: How to Stop Vulture Funds From Killing Local News
['Steven Waldman', 'More Steven Waldman']
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When the story of the collapse of local news is told, there are usually two villains: internet companies, especially Facebook and Google, gobbling up revenue that had once gone to newspapers; and the hedge funds that bought and gutted newspapers. And according to a study of 16,000 stories in 100 communities conducted by Duke University’s Phil Napoli, only 17 percent of the content in local newspapers was about local communities and addressed a critical information need. For instance, the Local Journalism Sustainability Act would provide payroll tax credits to encourage the hiring and retaining of local reporters, tax credits for small businesses to buy advertising in local news organizations, and a tax credit for consumers to subscribe or donate to local news publications.