Two Major U.S. Newspaper Giants Just Announced a Merger – Antitrust War Incoming

On November 20, 2025, the ink was barely dry on a seismic deal that could redraw America’s media map: Alden Global Capital, the hedge fund notorious for gutting newsrooms, and McClatchy, the fading publisher of storied papers like The Miami Herald and The Kansas City Star, unveiled plans to merge in a $2.8 billion all-stock swap. The combined entity would control over 200 dailies, reaching 40 million readers weekly and commanding 25% of the national print ad market. It’s billed as a survival play in an era where digital disruptors like Substack and TikTok siphon ad dollars, but critics are already sharpening their antitrust knives, warning of a monopoly that could choke local journalism’s last breath.

Alden, dubbed “the vulture” by unions for slashing 1,800 jobs after snatching Tribune Publishing in 2021, brings a portfolio scarred by cost-cutting. Think Chicago Tribune staffers protesting in the streets or Denver’s once-vibrant Post reduced to a shadow. McClatchy, still reeling from its 2020 bankruptcy that wiped out $700 million in debt but left it lean, owns 30 papers across the Sun Belt, where growth markets meet shrinking circulations. The merger’s pitch? Synergies through shared printing plants and ad sales tech, promising $150 million in annual savings to fund digital pivots like AI-curated newsletters and paywalled investigations. CEO Michael Ferro, Alden’s dealmaker, touted it as “rescuing journalism from extinction,” but the fine print reveals a 60-40 ownership split favoring Alden, with Ferro at the helm.

Wall Street yawned at first—shares dipped just 2%—but Washington lit up like a Fourth of July finale. The Department of Justice’s Antitrust Division, under new Trump appointee Gail Slater, fired off a “second request” for documents within hours, signaling a deep dive into market shares. With Gannett already dominating 40% of dailies post its 2019 GateHouse gobble, this tie-up would tip the scales toward oligopoly. “Local news isn’t widgets—it’s the oxygen of democracy,” thundered Sen. Amy Klobuchar (D-MN) in a floor speech, vowing to revive her stalled Journalism Competition and Preservation Act. That bill, shelved in 2024 amid Big Tech lobbying, would let publishers band together to negotiate with Google and Meta, but now faces ironic headwinds: Why empower a super-giant first?

Labor’s outcry echoes louder. The NewsGuild, representing 20,000 journalists, slammed the deal as “predatory consolidation” that could axe another 500 roles, citing Alden’s track record of 30% staff cuts post-acquisition. In Miami, Herald reporters rallied outside McClatchy’s HQ, chanting “No more vultures!” while a Change.org petition hit 100,000 signatures demanding FCC intervention. Even allies like the Poynter Institute, which tracks media health, flagged risks: In overlapping markets like Sacramento, the merger would erase editorial competition, potentially homogenizing coverage on everything from city hall scandals to school board races. “We’ve lost 3,000 papers since 2005— this accelerates the bleed,” said Poynter’s media analyst.

Regulators aren’t sleeping. The FTC, led by Andrew Ferguson, has greenlit structural remedies like divestitures in recent probes, but whispers from insiders suggest a courtroom showdown looms. Precedents sting: The DOJ’s 2024 block of Capital One’s Discover buy for credit market dominance sets a high bar, and Alden’s prior escapes—thanks to carve-outs in Tribune—won’t fly here. Environmental scans show ad revenues down 15% year-over-year, but antitrust hawks argue that’s no excuse for monopoly-building. “Efficiency claims mask power grabs,” Ferguson posted on X, tagging the merger filing.

As Thanksgiving looms, this feast of headlines turns bitter. Proponents dream of a leaner beast investing in podcasts and VR reporting; detractors foresee ghost papers and echo chambers. With a 12-18 month review ahead, the antitrust war isn’t incoming—it’s here, pitting survival against scrutiny in a Fourth Estate fraying at the edges. Will the merger forge a phoenix or a Frankenstein? America’s readers, and its unraveling towns, hang in the balance.