For a Few, Papers Seem a Timely Bet
(New York Times) — Randall D. Smith, a pioneer in the hard knocks business of vulture investing, is circling a new target: the beleaguered newspaper industry.
Mr. Smith puts money into risky investments that few others will touch — and these days, that includes many newspaper and radio companies.
For the better part of a year, Mr. Smith has been quietly building a fledgling media empire. He has invested millions of dollars in small and midsize newspaper chains, as well several radio broadcasters.