Tribune Publishing says Alden bid won shareholders' OK
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Source: Chicago Sun-Times
Tribune Publishing directors said Friday shareholders approved Alden Global Capitals offer to buy the company, heralding a new and uneasy era at the Chicago-based media company and turning aside pleas from its journalists and others who made opposition to the sale into a fight for the soul of journalism.
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The company announced the result at a special board meeting without giving vote totals. Aldens $17.25-a-share acquisition will take the 174-year-old company private.
Alden is acquiring the roughly two-thirds of the company that it doesnt already own. Tribune Publishing owns the Chicago Tribune and eight other large dailies.
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Alden is a New York-based hedge fund widely criticized for accumulating financially troubled newspapers and deeply cutting payroll and selling assets. It already owns about 200 newspapers through a separate company, MediaNews Group, and its Tribune Publishing deal would make it the nations second-largest publisher behind Gannett.
Read more: https://chicago.suntimes.com/business/2021/5/21/22446605/tribune-publishing-alden-shareholder-vote-takeover
The Trib's op/eds have always been very conservative but their reporting was top notch.
Alden's going to drain the blood out of it and sell the organs.
ZZenith
(4,121 posts)Just so everyone is clear on how stinky this is:
And, of course, Randall D. Smith, the founder of this awful company donated $100,000 to the former guys victory fund in 2019.
Alden has a reputation for sharply cutting costs by reducing the number of journalists working on its newspapers.[12][13] In March 2018, Margaret Sullivan, the media columnist for The Washington Post, called Alden "one of the most ruthless of the corporate strip-miners seemingly intent on destroying local journalism."[14] Alden received critical coverage from the editorial staff at the Denver Post, who described Alden Global Capital as "vulture capitalists" after multiple staff layoffs.[9][15][16]
https://en.wikipedia.org/wiki/Alden_Global_Capital
He is married to Barbara Stovall Smith, and they own sixteen mansions in the Palm Beach, Florida, area through limited liability companies.[6] Smith is known for his use of offshore companies.[1]
https://en.wikipedia.org/wiki/Randall_D._Smith
ShazamIam
(2,570 posts)ownership of a few conservative families and multinational corporations. Propaganda, misinformation and profits are now the only reason they exist.
Wild blueberry
(6,625 posts)Rest in Peace, Chicago Tribune.
Rot in Hell, vulture capital firm.
Omaha Steve
(99,597 posts)Dupe of https://www.democraticunderground.com/10142747046
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