Tribune Publishing stock soared as much as 15% Wednesday after Alden Global, a hedge fund known for making deep cuts to newsrooms, bought out Tribune’s largest stockholder.
Alden this week purchased just over 9 million shares from Michael Ferro for about $118 million. Alden is also negotiating with Tribune to put two of its representatives on the board. Bloomberg reports that the stock rally was Tribune’s biggest intraday increase since February.
In other Chicago-area news:
The development team planning what would be the city’s second-tallest building has unveiled revisions that change it at the street level but leave the design of the sleek monolith right next to the old Tribune Tower largely unchanged.
The tweaks come in response to neighborhood concerns that the super-tall tower would snarl traffic in Streeterville and along the Magnificent Mile.
If built, the tower would be more than 1,400 feet tall, edging out the Trump International Hotel & Tower to become Chicago’s second-tallest building. The design changes unveiled Tuesday night mostly had to do with traffic management, creating parking and turnaround space, and shuttling vehicles approaching and serving the tower to below-level streets.
And finally, one of the state’s biggest marijuana companies has received the OK for recreational sales from its existing medical dispensaries, beginning Jan. 1.
Illinois regulators approved five Verilife facilities operated by PharmaCann, as well as an outlet near Bucktown and another in Mount Prospect.
So far, the state has approved 14 of the 55 medical marijuana dispensaries statewide to begin selling marijuana to recreational customers.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”