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“#NY Daily News parent Tribune approves Alden Global takeover” Shareholders of Tribune Publishing, parent company of the New York Daily News and one of the country’s largest newspaper chains, on Friday approved a takeover by hedge fund Alden Global Capital. Alden, which already owned one-third of Tribune, now takes full control of the New York…
“#Opposition to Alden takeover of Tribune heats up ahead of vote” Opposition to hedge fund takeover of Tribune Publishing is bubbling up ahead of next week’s deal vote, including three legal fights, plans for multi-city rallies and written pleas for new buyers. “Please buy this newspaper,” ran a May 5 headline in the New York…
“#New York Daily News unionizes ahead of Alden takeover vote” Workers at the New York Daily News voted 55-3 to be represented by the NewsGuild of New York ahead of a harrowing May 21 shareholder vote to sell parent company Tribune Publishing to cost-slashing hedge fund Alden Global Capital. Last week’s union vote makes the…
“#Journalists pray for miracle to stave off Tribune takeover by Alden” Now that talks have broken off between Tribune Publishing and hotel magnate Stewart Bainum, the newspaper company’s journalists are hoping for a miracle to derail a $634 million bid by cost-cutting hedge fund Alden that will give it control of the New York Daily…
“#Due diligence underway for all of Tribune, as Hartford group forms to buy Courant” As the bidding war for Tribune Publishing heats up, groups of investors are quietly forming allegiances on the sidelines in hopes of snagging newspaper assets expected to be sold off in the process. The latest group to emerge as potential buyers…
“#Tribune board will consider $680M bid after OK’ing lower offer” Efforts to buy the publisher of the New York Daily News and the Chicago Tribune are heating up yet again. On Monday, Tribune Publishing said the special committee advising its board on a sale has given the thumbs up for the company to start reviewing…
“#All eyes on billionaire Patrick Soon-Shiong as battle for Tribune heats up” As the battle to buy New York Daily News publisher Tribune Publishing heats up, the pressure is expected to mount for Dr. Patrick Soon-Shiong, the billionaire owner of the LA Times who holds the key to any sale thanks to his 24-percent stake…
“#2nd deep-pocketed white knight joins bid for Tribune Publishing” A Swiss-born billionaire has become the latest white knight to seek to wrestle control of Tribune Publishing from cost-cutting hedge fund Alden Global Management. Hansjorg Wyss, former CEO of medical device manufacturer Synthes who resides in Wyoming, told the New York Times he’s teaming up with…
“#Daily News nixes pandemic bonuses for journalists — but pays the bosses” The New York Daily News on Friday stiffed its journalists out of a modest bonus it had promised them for their hard work during the pandemic. The New York-metropolitan area newspaper, which has successfully delivered on its pledged bonuses to management, cited staffers’…
“#Tribune, owner of NY Daily News, backs Alden Global’s bid despite higher offer” Tribune Publishing’s board has decided to stick with a buyout bid from its largest shareholder, Alden Global, despite getting a higher offer from hotel tycoon Stewart Bainum after the hedge fund said it would not support an alternative deal. Tribune, the owner of…