Feder: Tribune CEO calls Alden bid a 'source of distraction'

The year is opening on a sour note for employees of the Chicago Tribune, now that Alden Global Capital, the New York-based hedge fund that owns a 32 percent stake in Tribune Publishing, is seeking to purchase all outstanding shares and take the company private, Robert Feder writes.

Terry Jimenez, CEO of Tribune Publishing, told staffers in a New Year's Eve email that the company's board formed a committee to evaluate the bid.

"The special committee is under no commitment to accept or decline the proposal," Jimenez wrote, adding: "The leadership team and I recognize that this news may be a source of distraction as we progress into the new year. But I can assure you we will remain focused on our core business, on our civic mission and on our digital growth. And I encourage you to remain focused on controlling what is in your control. No matter the outcome of the proposal, our mission remains serving our communities."

Get the full report, and more Chicago media news, at robertfeder.com.