Fidelity Charitable Donors Channeled $9.1 Billion to Charities Amid the Pandemic Opinion By Lowell Weiss
In a new book of essays, grant makers and nonprofits share what happened when they loosened the strings on grants and offered generous, multiyear support and focused on the experience of grantees, not the pedigrees of their leaders. Grants Roundup By M.J. Prest
Also, the MacArthur Foundation has awarded $18 million to reduce over-incarceration in 15 U.S. cities and counties, and the Harold Grinspoon Foundation is giving $11 million in matching grants to re-open Jewish summer camps.
Nonprofit News From Elsewhere
A conservative financier who gave $2.5 million to a nonprofit claiming to ferret out voter fraud after last year s election has sued to get his money back. Fred Eshelman wrote a big check to True the Vote after a 20-minute conversation with its president the day after the
Chicago Tribune, the New York
Daily News, and the
Hartford Courant. Alden is known for buying distressed assets like newspapers and making painful cuts to them. The basic playbook: Sell off any assets like real estate, raise subscription prices, then manage to an expected decline in revenue by taking a meat ax to staff and resources.
One bright spot in the grim news is the
Baltimore Sun, which will be owned by a nonprofit instead. Associated Baltimore Sun Media titles, including Annapolis’ Capital Gazette, will also be owned by the Sunlight for All Institute, a nonprofit established by Stewart Bainum, the chairman of Choice Hotels, who lives in Takoma Park.
NY Daily News, Chicago Tribune Publisher Acquired by Alden Global Capital in $630 Million Deal
Tribune Publishing will become a privately held company following the deal, which still needs approval from the remaining shareholdersJ. Clara Chan | February 16, 2021 @ 4:17 PM Last Updated: February 16, 2021 @ 4:54 PM
Drew Angerer / Getty Images
Tribune Publishing the publisher of the New York Daily News, the Chicago Tribune, the Baltimore Sun and a number of other papers has agreed to be acquired by the hedge fund Alden Global Capital in a $630 million deal, the companies announced on Tuesday.
Under the agreement, Alden, which already owns about 32% of Tribune’s shares, will acquire the remaining shares it doesn’t already own for $17.25 per share. The Baltimore Sun will not be part of the acquisition and will instead be sold to Sunlight for All Institute, a nonprofit formed by Stewart Bainum Jr.