Published: May 13, 2024
by Annie Pilon
In Small Business News
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Local newspapers aren’t exactly a thriving business in 2024. But at least one enthusiastic entrepreneur is taking a chance on them in the hopes of delivering more quality local news coverage across parts of the U.S.
Jeremy Gulban is a New Jersey-based tech executive who runs CherryRoad Media, a company that acquires and runs local news outlets. Gulban began buying newspapers about four years ago, and now runs 85 papers across 18 states. Many of them are located in news deserts or locations that wouldn’t otherwise have any reliable local news source.
According to a recent study from Northwestern University, the U.S. lost about 2.5 local newspapers each week throughout 2023. And most states now have at least one county with no official local news source.
There are many reasons why local newspapers are struggling. The increased popularity of online news and the changing state of advertising makes it a tough business model to manage profitably. And there are also large firms buying these outlets and shutting them down or running them in a way that caus