Hedge fund Alden Global Capital is now the largest shareholder of Tribune Publishing, the company that owns the Chicago Tribune, Baltimore Sun and New York Daily News.
Tribune says Alden, a hedge fund known for layoffs and slashing costs at newspapers it acquires, purchased the 25% stake from former Tribune chairman Michael Ferro. Tribune says it’s talking with Alden about adding two board seats.
Ferro stepped down as chairman in 2018 amid sexual misconduct accusations. His time at Tribune was marked by a much-maligned company name change to “Tronc,” later reverted; the sale of the Los Angeles Times; and pushing off an unsolicited merger bid from rival Gannett.
Another newspaper chain, GateHouse, now owns Gannett. The newspaper industry is consolidating as it struggles with a digital transition.
© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.