Google and Facebook grapple with news publishers, as Australia becomes a test case cjr.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cjr.org Daily Mail and Mail on Sunday newspapers.
Chicago Tribune, the New York Daily News, and the
Hartford Courant, as well as other local newspapers in Pennsylvania, Maryland, Virginia, and Florida. Tribune already counted Alden as its largest shareholder; Alden was offering $14.25 per share to take full control of the company. Yesterday, following weeks of wrangling, Tribune announced its intention to sell to Alden at $17.25 per share. The deal as a whole is valued at $630 million, and would take Tribune private.
Alden has become notorious and widely reviled for its tactic of ruthlessly slashing costs at its existing media properties; in 2018, staffers at the
Denver Post, where management had just moved to cut thirty jobs, assailed their owners as “vultures” in an editorial that resonated across the media industry. “Media observers note that they make cuts almost from day one. Pens and notebooks disappear from newsrooms. One newsroom was missing hot water. Then newspaper buildings are sold, and staff is consolidated
Hedge Fund Poised To Buy Hartford Courant, Despite Effort To Keep Ownership Local wshu.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wshu.org Daily Mail and Mail on Sunday newspapers.
Alden Global Capital LLC, a New York hedge fund which backs the parent company of Fitchburg’s Sentinel & Enterprise newspaper, has agreed to acquire Tribune Publishing Co. for about $430 million.
Tribune Publishing is the parent company of a variety of papers, including the Chicago Tribune, the Hartford Courant in Connecticut, New York Daily News and the Capital Gazette in Annapolis, Maryland.
Alden’s subsidiary, Colorado-based MediaNews Group, which also does business as Digital First Media, also owns many papers around the country, including local publications like the Sentinel & Enterprise, The Lowell Sun and the Boston Herald. Alden is known for making dramatic cuts to the papers it owns.