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Company documents show hedge fund Alden is overhauling its newspaper strategy after pandemic brings surprise windfall

With plans to own more shares of Tribune by January, hedge fund says the relationship between two chains is “deepening” By Julie Reynolds In an abrupt strategy change, hedge fund Alden Global Capital appears committed to staying in the news… Continue Reading →

Bob Casey issues statement in support of Allentown Morning Call news workers

Senator calls out hedge fund newspaper owners By Julie Reynolds Pennsylvania Sen. Bob Casey has issued a statement decrying the recent shuttering of the Allentown Morning Call’s offices and newsroom, saying hedge fund owners “have no place” in local newsrooms…. Continue Reading →

In Lehigh County, Pennsylvania, an elected official calls on hedge fund Alden to stop slashing jobs at its local newspaper

By Julie Reynolds A county commissioner in Lehigh County, Pennsylvania, on Wednesday joined a growing list of elected officials around the country by publicly calling on New York hedge fund Alden Global Capital to halt layoffs and extreme cost-cutting at… Continue Reading →

Hartford among growing rank of cities demanding answers from Alden Global Capital, “destroyer of newspapers”

UPDATE: On Sept. 14, the Hartford City Council unanimously approved Rossetti’s resolution. Ben Florsheim, the mayor of nearby Middletown, told council members that Alden Global Capital “sounds like a villainous company from a Disney movie,” according to the Hartford Courant…. Continue Reading →

Tribune Publishing, under hedge fund’s influence, defaults on rent and shuts down newsrooms

By Julie Reynolds The Tribune Publishing newspaper chain has defaulted on rent payments and is abruptly closing newsrooms across the country, new financial filings reveal. Tribune admitted in its 10-Q financial report to the Securities and Exchange Commission that “in… Continue Reading →

McClatchy newspapers appear safe from Alden for now

Mayors urge federal judge to consider readers, communities when ruling on winning bid By Julie Reynolds A storied newspaper chain that has been family-owned for 163 years was auctioned off Friday in bankruptcy proceedings to a hedge fund known for… Continue Reading →

Randall Smith, king of vulture capitalists, is poised to feast on Tribune newspapers

NOTE: This story has been updated to include new information from Thursday’s SEC filing. By Julie Reynolds The vultures have landed in Chicago. With the board appointment of its co-founder and godfather Randall Smith, vulture hedge fund Alden Global Capital… Continue Reading →

Union workers at 10 Tribune papers launch campaign seeking local ownership

NOTE: This announcement was released at 10:30 am Eastern time on June 30, the day Alden Global Capital, owner of Digital First newspapers, is freed from a “standstill” agreement barring it from acquiring more Tribune stock. This paves the way… Continue Reading →

D-Day is coming for Tribune Publishing

Hedge fund Alden is now free to pounce on additional shares By Julie Reynolds On Tuesday, an agreement expires that has kept Alden Global Capital from buying more shares of Tribune Publishing, raising the specter of a merger or takeover… Continue Reading →

Alden Global Capital and the destruction of local news, told in cartoons

Art by Kirk Anderson For several years, we’ve been running the work of master editorial cartoonist Kirk Anderson, alone or accompanying our stories here at DFMworkers. It’s time to give Kirk’s wit and insight a page of their own. Here,… Continue Reading →

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