February 17, 2021

Hedge fund strikes deal for Tribune Publishing newspaper group

Washington (AFP) – The publisher of the Chicago Tribune, New York Daily News and other regional newspapers has struck a deal to be sold to a hedge fund with a reputation for aggressive cost-cutting at its media outlets. Alden Global Capital said it would pay $650 million to acquire the shares it does not already own in Tribune Publishing, according to a joint statement late Tuesday on the latest deal consolidating the struggling US newspaper sector. As part of the agreement, the companies agreed to spin off the Baltimore Sun to a nonprofit group formed this year called Sunlight for All Institu…

source https://this.kiji.is/en/734782391985618944?c=648607265489716321

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