Tribune Publishing, owner of major U.S. newspapers, to be acquired by hedge fund known for slashing newsroom jobs - The Washington Post
Alden Global Capital, an investment fund known for acquiring and slashing the operations of newspapers, said it would take over Tribune Publishing Co.
of Chicago, the owner of the Chicago Tribune, Orlando Sentinel and New York Daily News.
Tribune also owns the Hartford Courant, the Sun-Sentinel of South Florida, the Morning Call in Allentown, Pa., the Daily Press in Newport News, Va., and Virginian-Pilot in Norfolk, Va.
Alden already owns about 32 percent of Tribune and will buy the remaining stake for $17.25 per share, or about $431 million.Though Alden had been in talks with Tribune for months, news of the acquisition was met with disappointment by several Tribune newspaper reporters and union leadership, which had long been concerned about Alden’s approach.The most important news stories of the day, curated by Post editors and delivered every morningThe most important news stories of the day, curated by Post editors and delivered every morning