May 21, 2021

Tribune Publishing says Alden bid won shareholders' OK

Source: Chicago Sun-Times

Tribune Publishing directors said Friday shareholders approved Alden Global Capital’s offer to buy the company, heralding a new and uneasy era at the Chicago-based media company and turning aside pleas from its journalists and others who made opposition to the sale into a fight for the soul of journalism.

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The company announced the result at a special board meeting without giving vote totals. Alden’s $17.25-a-share acquisition will take the 174-year-old company private.

Alden is acquiring the roughly two-thirds of the company that it doesn’t already own. Tribune Publishing owns the Chicago Tribune and eight other large dailies.

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Alden is a New York-based hedge fund widely criticized for accumulating financially troubled newspapers and deeply cutting payroll and selling assets. It already owns about 200 newspapers through a separate company, MediaNews Group, and its Tribune Publishing deal would make it the nation’s second-largest publisher behind Gannett.

Read more: https://chicago.suntimes.com/business/2021/5/21/22446605/tribune-publishing-alden-shareholder-vote-takeover

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The Trib's op/eds have always been very conservative but their reporting was top notch.
Alden's going to drain the blood out of it and sell the organs.