This report delves into the implications for communities at risk of losing their primary source of credible news. By documenting the shifting news landscape and evaluating the threat of media deserts, this report seeks to raise awareness of the role interested parties can play in addressing the challenges confronting local news and democracy. documents the continuing loss of papers and readers, the consolidation in the industry, and the social, political and economic consequences for thousands of communities throughout the country. It also provides an update on the strategies of the seven large investment firms—hedge and pension funds, as well as private and publicly traded equity groups—that swooped in to purchase hundreds of newspapers in recent years and explores the indelible mark they have left on the newspaper industry during a time of immense disruption.