Alden Global Capital, Tribune’s largest shareholder with a 32% stake, is discussing a deal with the company to buy the shares it doesn’t already own. CHICAGO (CBS/AP) — The owners of the Chicago Tribune have agreed to a $630 million buyout from Alden Global Capital. Research Director Its managing director is Heath Freeman. Alden Global Capital LLC, Tribune’s largest shareholder with a 32% stake, is discussing a deal with the publishing company to buy the … But they actually own already more than, call it 100 daily newspapers, more than 200 publications through an outfit called Digital First. Personal life. Alden Global Capital is a hedge fund based in Manhattan, New York City.It was founded in 2007 by Randall D. Smith. Alden Global Capital, a hedge fund known for cutting journalists at local papers to maximize profits, is buying out the remainder of Tribune Publishing, the parent company to the Chicago Tribune, New York Daily News and other local papers.Driving the news: With the sale, the two companies also announced that The Baltimore Sun would be acquired by a nonprofit … Alden Global Capital LLC is legally known as ALDEN GLOBAL CAPITAL LLC. 212-888-5500. The firm's last reported SEC (U.S. Securities and Exchange … The number of clients served by it is unknown. Alden Global Capital, the New York-based hedge fund known for bleeding newspapers dry, has reached agreement to buy the parent company of the Chicago Tribune in a deal valued at $630 million. Alden Global Capital now owns over 200 newspapers. The new union soon learned it would have to contend with Alden Global Capital, the predatory hedge fund that acquired the rest of Tribune Publishing, the owner of the Daily News, the Chicago Tribune, and other local newspapers. The $630 million deal, announced on February 17, came after Alden became the company’s largest shareholder in 2019. Alden Global Capital is a hedge fund with 3 clients and discretionary assets under management (AUM) of $764,764,000 (Form ADV from 2020-03-30). By Julie Reynolds. Alden, which owns nearly 32% of Tribune already, will buy the balance of the company’s stock for $17.25 a share, which values the newspaper chain at $630 million. Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. Tribune Publishing Company (NASDAQ: TPCO) ("Tribune" or the "Company") and affiliates of Alden Global Capital ("Alden") today announced that they have entered into a definitive merger agreement under which Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by Alden for $17.25 per share in cash. Company profile page for Alden Global Capital LLC including stock price, company news, press releases, executives, board members, and contact information Please don’t cancel your subscription to the Chicago Tribune because we’re poised to be taken over by Alden Global Capital. Smith's Alden Global Capital has been known to buy local businesses, newspapers that lead to a loss of jobs and sometimes bankruptcies. They want to know who exactly profits when we learn, as Harvard Nieman Lab’s Ken Doctor recently reported, that the firm netted $160 million last year … As a reporter who’s covered Alden Global Capital for more than two years, people often ask me who are the investors behind the hedge fund that owns one of America’s largest newspaper chains?. In many cases, Alden … He met his first wife Kathryn Smith, when both were Cornell students, and she earned a PhD in political science. The newspaper publisher Tribune has agreed to be sold to hedge fund Alden Global Capital in a deal valued at $630 million. Other Info. The hedge fund tried unsuccessfully to purchase McClatchy Co. in August 2020, with plans to cut hundreds of journalists from local news. Though … Under Alden’s reckless management, newspaper staffing levels have been slashed to the bone. Alden … Hedge fund Alden Global Capital (Alden) is to acquire all of the outstanding shares of the common stock of Tribune Publishing, owner of the Chicago Tribune, the New York Daily News and other local newspapers, for USD17.25 per share in cash. The endgame for Alden Global Capital is to squeeze the last drops of profit from a newspaper before throwing it in the trash. The antitrust authorities could investigate and limit its chain ownership. 885 THIRD AVENUE, NEW YORK, NY . Alden Global … They're very tight-lipped. Like many once robust big city newspapers, the Daily News has endured crushing cuts in recent years. Tribune Publishing … Alden Global Capital LLC. Alden Global Capital's largest holding is Tribune Publishing Co with shares held of 11,554,306. There are several possible remedies for its brand of abusive, extractive ownership. Congress could get rid of the tax preference for debt-financed acquisitions and payment of special dividends when the operating company is running at a … This firm has 15 employees, of which 6 are employees in advisory roles. Tribune Publishing Co., the owner of the Chicago Tribune and New York Daily News, agreed to be acquired by Alden Global Capital for about … Smith has major media interests through Alden Global Capital’s 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. The towns and cities the newspapers serve mean nothing to them. Its executives stash money in notorious tax havens worldwide and operate a complex web of funds and business structures to hide their investors from public view. Well, Alden Global Capital is a privately run hedge fund based here in New York City. Hedge fund Alden Global Capital announced it has reached an agreement to acquire Tribune Publishing, which owns several metropolitan daily newspapers including The Hartford Courant. The secretive hedge fund Alden Global Capital has been quietly buying up newspapers around the country. It is a DE Limited Liability Company. And they're - you know, they have not only matched the deep cutting that has gone in newsrooms around the country of other … Their last reported 13F filing for Q4 2020 included $328,283,000 in managed 13F securities and a top 10 holdings concentration of 82.1%. This is what the new Daily News union must now contend with. Alden Global Capital | 1 293 abonnés sur LinkedIn. When Alden Global Capital announced Tuesday that it was positioned to buy the Chicago Tribune and several other major newspapers, its statement might have sounded promising. It owns 50.1% of Digital First Media, which in turns owns more than 50 daily newspapers throughout the United States. 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