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Tribune journalists react to the 'gut punch' announcement of hedge fund acquisition

Tribune journalists react to the 'gut punch' announcement of hedge fund acquisition
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Tribune Publishing to be Acquired by Alden Global Capital

Press release content from PR Newswire. The AP news staff was not involved in its creation.
Tribune Publishing to be Acquired by Alden Global Capital
February 16, 2021 GMT
CHICAGO, Feb. 16, 2021 /PRNewswire/ Tribune Publishing Company (NASDAQ: TPCO) (“Tribune” or the “Company”) and affiliates of Alden Global Capital (“Alden”) today announced that they have entered into a definitive merger agreement under which Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by Alden for $17.25 per share in cash. Alden currently owns 11,554,306 shares of Tribune common stock, representing 31.6% of the Company’s outstanding shares.
The purchase price represents a premium of 45% to the closing price of Tribune common stock on December 11, 2020, the last trading day prior to receiving Alden’s proposal, a premium of approximately 35% to the closing price of Tribune common stock on December 30, 2020, the last trading day prio ....

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'Destroyer of Newspapers' To Purchase Chicago Tribune Publishing

UpdatedWed, Feb 17, 2021 at 11:34 am CT
Replies(200)
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 se ....

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Hedge Fund Reaches a Deal to Buy Tribune Publishing

Alden Global Capital’s move continues the financial industry’s acquisition of major newspaper chains. The Baltimore Sun, a Tribune paper, will be sold to a Maryland hotel executive. ....

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Tribune Publishing Acquired by Alden Global Capital in $630 Million Deal

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. ....

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