Two of America's largest newspaper chains, Journal Register (JRC) and MediaNews Group, have agreed to a merger that isn't a merger.
Though they will maintain separate boards they will be jointly managed by a wholly new company - Digital First Media.
And it is JRC's chief executive, John Paton, who becomes the big boss - a man I said back in June was the one to watch.
But, according to a Nieman Journalism Lab analysis, the non-merger merger has been engineered by a hedge fund, Alden Global Capital.
Alden has specialised in buying up pieces of distressed or bankrupt newspaper companies and making substantial investments in a number of leading publishers, such as Gannett, McClatchy, Freedom, Tribune, PostMedia, Philadelphia Media, and Media General. It acquired JRC outright earlier this summer.
Now all eyes - in the US and Britain - should be on developments at the Alden/Paton initiative.
As the Nieman article says: "We might be looking back on today's announcement as the beginning of a wave that radically changed the US newspaper industry."
The possibilities include a massive newspaper consolidation; a rejuvenation of the industry; a greater focus (and understanding) of local journalism; and a practical (and profitable) expression of a digital-first, print-last strategy (see Jeff Jarvis).
Remember Paton's mantra: "digital dimes can replace print dollars".
Clearly, Alden seeks profit. Paton, I like to think, is seeking to preserve and enhance journalism. These need not be mutually antagonistic desires.
I may be naive in expecting Alden to hang around long after a round of cost-cutting. But it may be time to take a risk in order to ensure that papers don't just wither away and die.
The future is digital and, as I've said so often, we need to build intelligently for that future rather than lamely accepting our fate.
Sources: Nieman Journalism Lab/Denver Post/paidContent/Jeff Jarvis
