As hedge funds and private equity snap up titles, what does it mean for journalism? "Previously an industry stewarded by wealthy families, today about half of America’s daily newspapers are controlled by private equity, hedge funds and other investment groups, according to FT calculations, after endless rounds of consolidation in the wake of the 2008 global financial crisis. About one in four US newspapers, or almost 2,200 titles, have shuttered in the past 15 years, according to a University of North Carolina School of Journalism and Media report. Many of the remaining 6,700 publications have become what UNC calls 'ghost newspapers': shells of their former selves, stuffed with adverts and wire copy after years of gutting." Anna Nicolaou and James Fontanella-Khan report on the future of print journalism in the US for the Financial Times.