Alden Global Capital Buys Stake in Tribune Publishing

November 20, 2019 | Hedge Funds, Investments, News
https://dailyalts.com/wp-content/uploads/2019/11/55e4d64a4e53b114a6d98074cf213576083edbe257537048702b7c_640.jpg

Are layoffs coming to the iconic publishing company?

Alden Global Capital has purchased Michael Ferro’s 25.2% stake in Tribune Publishing. Ferro was the largest shareholder of the newspaper company. The deal also priced the stake at 9 million shares at $13 each. That brings the value of Ferro’s stake to $117 million.

In addition, Tribune is talking about adding two Alden representatives to its board. That has raised questions about the future of Tribune Publishing. As Bloomberg noted Tuesday, Alden Global Capital is known for layoffs.

Alden Global Capital and the Tribune Deal

One has to question what the Chicago Tribune’s Robert Channick wrote on Tuesday. Was it the anatomy of a deal, or was it a potential obituary to jobs at his company. Further, large newspapers like the Tribune have struggled with the rise of the internet and less interest in traditional journalism.

Tribune Company had also attempted to merge with McClatchy, but the talks fell apart last year. Alden has backed MNG Enterprises, a firm that tried to purchase Gannett earlier this year. MNG, which owns the Denver Post and several other newspapers, has laid off a large number of people from newsroom jobs.

Meanwhile, Alden Global Capital owns roughly 200 newspapers through the support of MNG and control of Digital First Media. The Tribune welcomed its latest shareholder.

“The Tribune Publishing Board of Directors looks forward to working with Alden to enhance our company’s value as the company continues to provide valuable journalism for our customers and communities,” David Dreier, Tribune chairman, said in a press release.

Recent: Recap of the Brookfield Asset Management Earnings Report

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Alt Insights

January 29, 2020

Venture Capital: The Kobe in “Bryant Stibel & Co”

Venture Capital: The Kobe in “Bryant Stibel & Co”
Shape

Latest Alternative Investment News

Hedge Funds: Four Portfolio Managers Leave Citadel
April 6, 2020     Hedge Funds, News

Volatility has shaken the markets. The Dow had its worst quarter in history. The U.S. economy could see GDP fall by 30% this quarter. And four portfolio managers at Citadel…

https://dailyalts.com/wp-content/uploads/2020/04/54e8dc424253a514f1dc8460c62c3e761c3dd6f85254794f742679dd924f_640.jpg
Private Equity: Silver Lake Partners Pushes Massive $16 Billion Fund
April 6, 2020     Latest News, News, Private Equity

Silver Lake Partners is going big with its latest fund. The technology-focused private equity fund wants to raise a new fund worth $16 billion. Raising funds as market prices have…

https://dailyalts.com/wp-content/uploads/2020/04/waterfall-1081997_640-esg-etfs.jpg
Liquid Alternatives: How the Pandemic Could Affect ESG Investing (and ETFs)

The coronavirus pandemic throws up ESG in a new light. Far from spelling doom for ESG investing, the pandemic may have given it fresh, positive potential. An article by Marlene…

https://dailyalts.com/wp-content/uploads/2020/04/startup-4027674_640-SOS-Uk.jpg
Venture Capital: Call for UK Government to Support Startups During the Coronavirus Crisis
April 6, 2020     News, Venture Capital

The Save Our Startups (SOS) campaign launched in the UK on Sunday. It aims to mobilize financial support for the 30,000 startups and high-growth businesses in the country, many of…

Scroll to Top