May 22, 2021 Share
Shareholders of Tribune Publishing, one of the country’s largest newspaper chains, approved a $630 million takeover bid by hedge fund Alden Global Capital on Friday, the company said in a brief statement. Alden, which already owned nearly one-third of Tribune, stands to take full control of the Chicago Tribune, Baltimore Sun and other Tribune papers.
Through its Digital First Media chain, Alden owns the Boston Herald, Denver Post and San Jose Mercury News.
Tribune offered little additional detail beyond the fact that it expects the deal to close on May 25. In a statement, Alden said the move “reaffirms our commitment to the newspaper industry” and its focus on retooling publications so they can ”operate sustainably over the long term.”
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