tribune
Washington (AFP) - A hedge fund won approval Friday after a bitter campaign to acquire Tribune Publishing and create the second-largest US newspaper chain, raising fears of deeper newsroom cuts in the troubled sector. Tribune shareholders approved the deal to sell the group to Alden Global Capital, rejecting pleas from unions and media watchdogs who have blasted the investment group for drastic newsroom job cuts it has made at its other media properties. The transaction assigned a $633 million value to the group, which includes the New York Daily News, Baltimore Sun, Orlando Sentinel, South Fl...
AFP
Washington (AFP) - Even as US newspapers sink toward an abyss, an unusual bidding war has broken out for a major chain, pitting hedge fund operators against civic-minded billionaires seeking to promote a nonprofit model for the struggling industry. Tribune Publishing, which owns the Chicago Tribune, Baltimore Sun and other big regional dailies, was set to sell the company to Alden Global Capital at a value of $630 million, a move that would expand the news operations of the hedge fund with a reputation for aggressive cutting of newsroom staff. Maryland businessman Stewart Bainum had another id...
AFP
Washington (AFP) - A hedge fund has struck a deal to acquire the publisher of the Chicago Tribune, New York Daily News and other regional dailies, stoking fears of fresh job cuts in the battered US newspaper sector. Alden Global Capital, which already owns some 50 US newspapers, agreed to buy the shares it does not already own in Tribune Publishing in a deal valuing the group at $650 million, according to a joint statement late Tuesday. As part of the deal, the companies agreed to spin off the Baltimore Sun to a nonprofit group formed this year called Sunlight for All Institute, which will ope...
AFP
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