The Aspen Daily News announced Monday night that Hoffmann Media Group, the media branch of a Florida-based private equity firm, has acquired Aspen’s newspaper of record.
Hoffmann Family of Companies, led by billionaire chairman and founder David Hoffmann, started purchasing a growing portfolio of local news outlets across the U.S. in 2022.
While some research indicates that newspapers owned by billionaires may produce more high-quality journalism than their competitors, critics worry about the consolidation of print media and the risk of editorial overreach.
In a press release on Tuesday morning, the Aspen Daily News assured readers that the news product will not change, and David Cook, co-owner since 2017, will stay on as publisher.
“This paper has always belonged to Aspen,” Cook said. “Our job is — and always has been — to hold power accountable, tell the stories that matter and reflect the character of the Roaring Fork Valley. This acquisition gives us the stability to keep doing that work at the highest level, with the same independence and local leadership our readers expect.”
According to the release, staffing and coverage priorities will remain unchanged. It also included several disclosures regarding Hoffmann Media Group’s other investments in the Roaring Fork Valley, which include transportation provider CTS Aspen, destination management company RMC, and several real estate holdings in western Colorado.
Last year, the New York Times reported that David Hoffmann has been investing in local newspapers while the industry is struggling, saying he believes in the value of local newspapers and the potential for them to succeed alongside digital media.
Pason Gaddis, the CEO of Hoffmann Media Group, echoed that sentiment in today’s release.
“We see tremendous opportunity to elevate Aspen Daily News through cutting-edge digital innovation while honoring its rich heritage,” Gaddis said. “This investment ensures the paper remains a trusted voice and a cornerstone of the valley’s media landscape for generations to come.”
The Aspen Daily News reported Monday night that Cook’s co-owner Spencer McKnight is stepping down as Hoffmann Media Group takes over, which also owns the Telluride Times, Florida Weekly, Napa Valley Register and over a dozen other papers.
The newspaper hopes the sale will allow them to modernize digital tools and take on deeper investigative reporting projects.
