No one, and (though I'm not sure this is true in the UK as well, though I imagine it is) it's pretty much 100% private equity's fault. They bought up every local paper they could, saddled them with the debt (how that's a thing that's allowed in accounting I will never understand), and then claimed the Internet killed them.

Yes, news orgs could have adapted faster, but most privately held papers were in the black. Only when the debts and insane growth expectations were added were they dying.

Private equity is ruining modern democratic institutions.