> private equity firms

Well that's clever.

PE is known to do interesting things. I would not have thought that part of the value they saw in dying newspapers is a well-timed lawsuit against big tech. Even if it only has a 25% chance of winning, I could see PE taking that bet and baking it into the value of the scraps they bought.

Here's a good, long read about what's been going on with newspaper ownership.

https://www.theatlantic.com/magazine/archive/2021/11/alden-g...