Already the largest shareholder of Tribune Publishing with a 31.6% stake, Alden Global Capital is aiming to consolidate ownership of such storied newspapers as the Chicago Tribune, New York Daily News, Hartford Courant, Virginian-Pilot, Orlando Sentinel and South Florida Sun-Sentinel.
Soon-Shiong retained his stake in Tribune Publishing and currently is the company’s second-largest shareholder with 24%. He acquired his initial interest in Tribune Publishing at $15 a share in 2016.Alden Global Capital’s proposed takeover of Tribune hinges on receiving Soon-Shiong’s support as well as the approval of another large Tribune shareholder, Mason Slaine, who owns about 8% of the company. Holders of two-thirds of Tribune common stock not owned by Alden must approve the sale.
The beleaguered newspaper industry has been gripped by consolidations and hedge fund takeovers in recent years. The moves reflect flagging fortunes of newspapers, which have witnessed a dramatic migration of readers and advertisers to tech giants, including Google and Facebook. The last year was particularly“Our commitment to ensuring the sustainability of robust local journalism is well established and this is part of that effort,” Alden Global Capital said in a statement Tuesday.Dec.
The deal announced Tuesday offers $17.25 per share in cash for the shares the company doesn’t already own. That represents a 21% increase from the December offer, and a 35% premium to the closing price of Tribune‘s common stock as of Dec. 30, 2020, when Alden Capital’s interest became known. Tribune’s board approved the sale.
They would decimate the newspapers.
Total madness buying into a print media business, suicidal.
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Hedge fund Alden Global to take Tribune Publishing private in $630 million dealTribune Publishing Co said on Tuesday its largest shareholder, Alden Global Capital, will buy shares it does not already own in the company at $17.25 each in cash and turn the owner of the Chicago Tribune into a privately held firm.
Source: Reuters - 🏆 2. / 97 Read more »
Alden Global Capital Agrees to Buy Rest of Tribune PublishingAlden Global Capital, the largest shareholder in Tribune Publishing, has reached a deal to buy the rest of the company, which owns several major newspapers including the Chicago Tribune and New York Daily News Homogenizing content Oh great, another New York hedge fund is saving the world. Everyone hang tight. We're almost safe. He who controls the news...
Source: WSJ - 🏆 98. / 63 Read more »
Hedge fund Alden Global is buying newspaper chain Tribune PublishingHedge fund Alden Global Capital will acquire the rest of what it does not already own of Tribune Publishing, owner of the Chicago Tribune, the New York Daily News and other local newspapers, in a deal valued at $630 million. I hate the news media and big business! They are destroying this country! Looks like some more politicians are about to be paid off. LandofCorruption Too bad. Those newspapers are going to look like Gannett newspapers soon -- 3 pages of hardly any news and all ads. Best way to keep journos from reporting on corrupt Wall Street drama is to prevent them from having an outlet from which to report from? Is that why hedge funds keep buying up media outlets?
Source: cnnbrk - 🏆 393. / 55 Read more »
Blood-Sucking Hedge Fund Alden Global Capital May Be Foiled in its Bid for TribuneA last-minute rival bid could save the Tribune portfolio—including the Chicago Tribune and the New York Daily News—from the grisly fate of other Alden-owned titles.
Source: VanityFair - 🏆 391. / 55 Read more »
WSJ News Exclusive | Florida Investor Commits $100 Million Toward Potential Bid for Tribune PublishingMason Slaine, a Florida technology investor and minority shareholder in Tribune, told The Wall Street Journal he is willing to put up $100 million toward a bid being put together by Stewart Bainum. Please help Alden is killing the Hartford Courant here. LarryLove959595 NBCNews CBSNews chicagotribune washingtonpost nytimes AP wfaa dallasnews $100 million dollars?🌹🏡🥧💰✈️🥰❤️🌽🎸🥬🍔🎺🌹🏡🥧💰✈️🥰❤️🌽🎸🥬🍔🎺
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