Media watchers like AdWeek and Nieman have been reporting on when a hedge fund acquires a news outlet. Today, AdWeek included this reporting on the publishing company Tribune Publishing being possibly acquired by the hedge fund, Alden Global Capital.
AdWeek’s 1/4/2021 reporting is below:
In the latest sign of the finance industry’s tightening grip on the local news business, Alden Global Capital has moved a significant step closer toward acquiring a major prize: Tribune Publishing, the parent of 9 major metropolitan papers including The Chicago Tribune, The New York Daily News and The Baltimore Sun. (NYT)
The hedge fund has submitted a bid to acquire Tribune Publishing according to a filing Thursday with the Securities and Exchange Commission. The deal is valued at $520 million. (Poynter)
Alden owns 31.6% of shares of Tribune, once briefly known as “Tronc.” (New York Post)