For a Few, Papers Seem a Timely Bet

September 22, 2010  |  

(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.

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