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Food protein-packed food that's good for breakfast, lunch or snack time. Perfect to pair with your favorite smoothie or bowl! It's soooo good! Bainum envisioned rebuilding the paper—which, by , was down to a single full-time statehouse reporter—as a nonprofit. But within weeks, Bainum said, Alden tried to tack on a five-year licensing deal that would have cost him tens of millions more.

For those who cared about the future of local news, it was hard to imagine a better outcome—which made it all the more devastating when the bid fell through. What exactly went wrong would become a point of bitter debate among the journalists involved in the campaigns. Some expressed exasperation with the staff of the Chicago Tribune , who were unable to find a single interested local buyer. The largest share of the blame was assigned to the Tribune board for allowing the sale to Alden to go through.

Freeman, meanwhile, would later gloat to colleagues that Bainum was never serious about buying the newspapers and just wanted to bask in the worshipful media coverage his bid generated.

Alden completed its takeover of the Tribune papers in May. It financed the deal with the help of Cerberus—a private-equity firm that owned, among other businesses, the security company that trained Saudi operatives who participated in the murder of the journalist Jamal Khashoggi. After congratulating him on closing the deal, Bainum said he was still interested in buying the Sun if Alden was willing to negotiate. Freeman never responded. Shortly after the Tribune deal closed earlier this year, I began trying to interview the men behind Alden Capital.

It seemed reasonable to ask that they answer a few questions. My request for an interview with Smith was dismissed by his spokesperson before I finished asking. But it turned out that Smith had so many doorsteps— 16 mansions in Palm Beach alone , as of a few years ago, some of them behind gates—that the plan proved impractical. I asked. No response came back. Freeman was only slightly more accessible. He declined to meet me in person or to appear on Zoom. After weeks of back-and-forth, he agreed to a phone call, but only if parts of the conversation could be on background which is to say, I could use the information generally but not attribute it to him.

On the appointed afternoon, I dialed the number provided by his spokesperson and found myself talking to the most feared man in American newspapers. This is a subscription-based business. Freeman was more animated when he turned to the prospect of extracting money from Big Tech.

He had spoken on this issue before, and it was easy to see why. Many in the journalism industry, watching lawsuits play out in Australia and Europe, have held out hope in recent years that Google and Facebook will be compelled to share their advertising revenue with the local outlets whose content populates their platforms. Most responded with variations on the same question: Which recent stories from your newspapers have you especially appreciated? I put the question to Freeman, but he declined to answer on the record.

These papers would have been liquidated if not for us stepping up. But in the case of local news, nothing comparable is ready to replace these papers when they die.

But that would require slow, painstaking work—and there are easier ways to make money. For Freeman, newspapers are financial assets and nothing more—numbers to be rearranged on spreadsheets until they produce the maximum returns for investors.

About a month after The Baltimore Sun was acquired by Alden, a senior editor at the paper took questions from anxious reporters on Zoom. The new owners had announced a round of buyouts, some beloved staffers were leaving, and those who remained were worried about the future. When a reporter asked if their work was still valued, the editor sounded deflated.

In the months that followed, the Sun did not immediately experience the same deep staff cuts that other papers did. Reporters kept reporting, and editors kept editing, and the union kept looking for ways to put pressure on Alden. But a sense of fatalism permeated the work. Probably not. A former Sun reporter whose work on the police beat famously led to his creation of The Wire on HBO, Simon told me the paper had suffered for years under a series of blundering corporate owners—and it was only a matter of time before an enterprise as cold-blooded as Alden finally put it out of its misery.

He can cite decades-old scoops and tell you whom they pissed off. He quotes H. Its World War II correspondent brought firsthand news of Nazi concentration camps to American readers; its editorial page had the power to make or break political careers in Maryland.

But for Simon, that paper exists entirely in the past. What most concerns him is how his city will manage without a robust paper keeping tabs on the people in charge. Their name is in the yearbook and on their diploma. It meant the world to Cal, and their mother. As I spoke with Schaeffer, there was a question sitting in the back of my mind, arm raised, quietly waiting. Ooo, people changing, from one thing into another. No wonder folks are ruffled. People shedding their old names and adopting new ones.

Where, where have we seen this before? Oh right.