Charisse Jones
Tribune investors
on Friday voted to sell Chicago s flagship paper and several other U.S. dailies to Alden Global Capital, a hedge fund long criticized by advocates who say it prioritizes profits over journalism.
Alden indicated that the vote okayed the roughly $630 million deal that would give it full ownership of the Chicago Tribune, the Baltimore Sun and several other newspapers.
Alden becomes the nation s second largest newspaper publisher behind Gannett, which operates USA Today. Local newspaper brands and operations are the engines that power trusted local news in communities across the United States, Heath Freeman, Alden s president, said in a statement. The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term.”
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