{"id":180641,"date":"2021-02-17T19:20:21","date_gmt":"2021-02-17T16:20:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hedge-fund-strikes-deal-for-tribune-publishing-newspaper-group\/"},"modified":"2021-02-17T19:20:21","modified_gmt":"2021-02-17T16:20:21","slug":"hedge-fund-strikes-deal-for-tribune-publishing-newspaper-group","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hedge-fund-strikes-deal-for-tribune-publishing-newspaper-group\/","title":{"rendered":"#Hedge fund strikes deal for Tribune Publishing newspaper group"},"content":{"rendered":"

“#Hedge fund strikes deal for Tribune Publishing news<\/a>paper group<\/strong>”<\/p>\n

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\"The
\n The New York Daily News and other members of Tribune Publishing are set to be acquired by a hedge fund in a $650 million transaction
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The publisher of the Chicago Tribune, New York Daily News and other regional newspapers has struck a deal to be sold to a hedge fund with a reputation for aggressive cost-cutting at its media<\/a> outlets.<\/p>\n

Alden Global Capital said it would pay $650 million to acquire the shares it does not already own in Tribune Publishing, according to a joint statement late Tuesday on the latest deal consolidating the struggling US newspaper sector.<\/p>\n

As part of the agreement, the companies agreed to spin off the Baltimore Sun to a nonprofit group formed this year called Sunlight for All Institute, which will operate the daily and its affiliates in Maryland. <\/p>\n

Tribune chairman Philip Franklin said that the publishing group’s committee examining offers was able to negotiate “a premium, all-cash price, which the committee concluded was superior to the available alternatives.”<\/p>\n

The deal comes with newspapers across the United States facing a financial calamity worsened by the coronavirus pandemic, with several bankruptcies and consolidations in recent years.<\/p>\n

The Alden deal drew fire from some media watchdogs concerned about the hedge fund’s reputation for slashing costs at newspapers it has acquired.<\/p>\n

News Guild president Jon Schleuss called the buyout “a terrible deal for the company, the workers, the shareholders and our democracy,” adding in a tweet: “Alden is only interested in extreme short-term profits by cutting everything to the bone.”<\/p>\n

Vanity Fair media writer Joe Pompeo recently called Alden “the hedge fund vampire that bleeds newspapers dry,” citing its downsizing of newsrooms at the Denver Post and other local newspapers.<\/p>\n

Washington Post columnist Margaret Sullivan in 2018 called Alden “one of the most ruthless of the corporate strip<\/a>-miners seemingly intent on destroying local journalism.”<\/p>\n

The deal\u2014subject to shareholder app<\/a>roval\u2014would take Tribune Publishing private and include the Hartford Courant, South Florida’s Sun Sentinel and Orlando Sentinel, Virginia’s Daily Press and The Virginian-Pilot, as well as The Morning Call of Lehigh Valley, Pennsylvania.\n <\/p>\n\n

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Hedge fund Alden offers to buy Tribune, valuing it at $521M\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Hedge fund strikes deal for Tribune Publishing newspaper group (2021, February 17)
\n retrieved 17 February 2021
\n from https:\/\/techxplore.com\/news\/2021-02-hedge-fund-tribune-publishing-newspaper.html<\/p>\n

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