On a rough day for American newspapers, investors aren’t buying Gannett’s story and Tribune’s not done chopping

Today’s a rough day to root for American newspapers. In particular, for the country’s No. 1 and No. 3 newspaper chains. (The No. 2 chain, McClatchy, declared bankruptcy two weeks ago today. No. 4, MNG Enterprises, is owned by Alden Global Capital, which is roughly two Infinity Stones short of killing off half of American...