McKay Coppins, who did a deep dive into Alden Global Capital, shares his insights into the hedge fund that bought the Chicago Tribune.
Alden Global Capital
Dozens of talented journalists are leaving the Chicago Tribune after its new owner, Alden Global Capital, offered employees voluntary buyouts. Among those who have announced their departure are some of the newspaper’s most notable columnists.
Shareholders of Tribune Publishing, one of the country’s largest newspaper chains, approved a $630 million takeover bid by hedge fund Alden Global Capital on Friday, the company said in a brief statement.
The clock is nearing midnight for the Chicago Tribune and efforts to prevent a takeover from controversial hedge fund Alden Global Capital. WTTW News has learned there are still active talks behind the scenes to come up with a bid that could derail Alden’s plan.
Two more investors have stepped forward in a last-ditch effort to prevent hedge fund Alden Global Capital from taking control of Tribune Publishing, which owns the Chicago Tribune and eight other newspapers. We discuss the latest developments.
A competing bid to buy Tribune Publishing could derail hedge fund Alden Global Capital’s takeover of the Chicago Tribune. Crain’s Chicago Business editor Ann Dwyer has details on this story and more.
Alden Global Capital seeks to buy Tribune Publishing in a $630 million deal, but the deal has newsroom journalists worried because of Alden’s history of deep cuts at other newsrooms.
Alden sent a letter to the Chicago Tribune on Dec. 14, according to a regulatory filing posted Thursday, offering $14.25 per share for the stock of Tribune it doesn’t already own. Alden owns 31.6% of Tribune shares.
Two Chicago Tribune investigative reporters are speaking publicly about their fears for the company amid staff cuts and uncertainty over the hedge fund Alden Global Capital, now the largest shareholder of Tribune Publishing.
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.