Tribune Publishing offers buyouts in likely precursor to layoffs

  • Alden Global Capital, a New York-based hedge fund known for slashing newsrooms staffs and expenses, acquired a 32% stake in Tribune Publishing, parent company of the Chicago Tribune, in November.

    Alden Global Capital, a New York-based hedge fund known for slashing newsrooms staffs and expenses, acquired a 32% stake in Tribune Publishing, parent company of the Chicago Tribune, in November. File photo

 
 
Updated 1/13/2020 5:23 PM

Fears that 2020 will be a really bad year for the Chicago Tribune may be turning into a reality already.

On Monday, owner Tribune Publishing announced a buyout offer to employees with eight or more years of service -- a likely precursor to layoffs throughout the company. It would mark the second round of buyouts and layoffs in two years.

                                                                                                                                                                                                                       
 

News of the voluntary separation offer, contained in an email from Tim Knight, president and CEO of Tribune Publishing, comes as Alden Global Capital, the New York-based hedge fund known for slashing newsrooms staffs and expenses, flexes its muscles as the company's largest shareholder. In November, Alden acquired a 32% stake in Tribune Publishing.

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