Business

Feder: Hedge fund Alden Global Capital to buy Tribune Publishing for $630 million

Posted February 16, 2021 12:00 am

Robert Feder

Alden Global Capital, the New York-based hedge fund known for bleeding newspapers dry, has reached agreement to buy the parent company of the Chicago Tribune in a deal valued at $630 million.

Chicago-based Tribune Publishing announced Tuesday that it has accepted Alden's bid to acquire the 68% of company shares it does not already own. Pending approval from shareholders and regulatory approval, the sale is expected to close in the second quarter.

In addition to the Chicago Tribune, the deal includes the New York Daily News, Hartford Courant, South Florida's Sun Sentinel and Orlando Sentinel, Virginia's Daily Press and The Virginian-Pilot, and The Morning Call of Lehigh Valley, Pennsylvania. The Baltimore Sun will be sold to Sunlight for All Institute, a public charity.

The deal does not sit well with current and former Tribune staffers.

• Read more about this and other media news at robertfeder.com.

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