Wednesday, January 20, 2021
Home Breaking News Hedge fund Alden Global offers to buy Tribune Publishing

Hedge fund Alden Global offers to buy Tribune Publishing


A #Chicago #Tribune newspaper vending machine or “honor box” sits on a sidewalk in #Chicago, #Illinois.

#Christopher #Dilts | #Bloomberg | #Getty #Images

#Tribune #Publishing’s largest shareholder, #Alden #Global #Capital, said on #Thursday it had offered to take full control of the owner of the #Chicago #Tribune in a deal that values the company at $520.6 million.

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#Alden, known for its hostile takeover bids of publishing companies, has a stake of 32% stake in #Tribune.

The hedge fund’s offer valued the newspaper chain at $14.25 per share, representing a premium of 11.4% to the company’s shares last closing price.

The #Wall #Street #Journal, which first reported the potential deal, said the hedge fund grabbed a third seat on the #Chicago #Tribune publisher’s board in #July in exchange for an agreement to extend a standstill deal preventing #Alden from increasing its stake or making a hostile bid for #Tribune until after #June 2021.

#Tribune did not immediately respond to a request for comment.

The newspaper chain, owner of the #New #York #Daily #News and the #Baltimore #Sun, has seen a decline in revenue this year as the #Covid-19 pandemic hammers the publishing industry.

A study published last month found that print newspapers saw a decline in their overall consumer reach amid the health crisis.

#Commercial news media are the hardest hit by the pandemic, especially those that are advertising-based, as well as newspapers and local media, according to the findings of the #Reuters #Institute for the #Study of #Journalism, a research center at the #University of #Oxford that tracks media trends.

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[ source link ]
https://www.cnbc.com/2020/12/31/hedge-fund-alden-global-offers-to-buy-tribune-publishing-.html

##Hedge #fund ##Alden ##Global #offers #buy ##Tribune ##Publishing

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