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After the failure of an 11th-hour push to find an alternative buyer, Tribune Publishing shareholders on Friday approved the $633-million sale of the newspaper chain to the New York hedge
Failure to find an alternative buyer dooms a last-ditch effort to keep Tribune Publishing out of the hands of hedge fund Alden Global Capital.
Hedge fund Alden Global Capital, known for making deep newsroom cuts, won approval to acquire Tribune Publishing, which includes the Chicago Tribune, The Baltimore Sun and New York Daily News.
Baltimore Sun reporter Jean Marbella participates in a Save Our Sun rally in March, part of an effort to secure an alternative buyer to Alden Global Capital. Credit: AFP via Getty Images 'Vulture' Fund Alden Global, Known For Slashing Newsrooms, Buys Tribune Papers By at 8:53 am NPR The New York-based hedge fund Alden Global Capital â known for slashing its newspapers' budgets to extract escalated profits â won shareholder approval Friday for its $633 million bid to acquire the Tribune Publishing newspaper chain. The purchase represents the culmina...
As the Tribune newspapers face a possible sale to a hedge fund, some journalists yearn for the biotech billionaire to play another savior role.