UpdatedWed, Feb 17, 2021 at 11:34 am CT
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A hedge fund dubbed a "destroyer of newspapers" has purchased Tribune Publishing for $630 million, the company said. (Tasos Katopodis/Getty Images)
CHICAGO — A hedge fund dubbed a "destroyer of newspapers" has purchased Tribune Publishing for $630 million, the company said.
Alden Global Capital, which already had a 35-percent stake in Tribune Publishing, agreed to purchase all remaining shares for $17.25 each to take the company private. Tribune Publishing stock was listed as $15.97 at the end of trading Tuesday. The per-share purchase price is $3 more than what Alden Global Capital had offered in December.
"Over the past year, the Company has taken a number of actions to adapt to an ever-changing business and industry environment, including the impact of COVID-19. These actions included strengthening the Company's financial position, driving digital growth and investing in high-quality content to better serve customers, employees and communities," Tribune Publishing chairman Philip G. Franklin said in a statement.