A group of journalists protesting outside the offices of a New York City hedge fund recently shined a light on a little-known fact about the state of the local American newspaper: Behind the scenes, financial firms often hold all the cards. Investors like Alden Global Capital LLC, Chatham Asset Management LLC and Fortress Investment Group LLC have acquired ownership stakes in newspapers that have struggled to adapt in an online world, from the Miami Herald to the Providence Journal to the Charlotte Observer. Funds have brought their cost-cutting know-how to help restructure several newspaper chains in heavy debt after the 2008 financial crisis.