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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 →

Forget local news — casinos, banking and travel are Alden’s new pandemic interests

Why is the hedge fund owner of America’s third-largest newspaper chain investing millions in Las Vegas gaming concerns?   By Julie Reynolds I recently wrote about Alden Global Capital’s multi-million-dollar spring shopping spree as the worldwide pandemic unfolded and as… Continue Reading →

Alden’s allies elected to Tribune’s Board

Move cements Alden’s bid for a Trib merger or takeover come July NOTE: This story has been updated to include The NewsGuild’s response and reported comments from shareholder Mason Slaine. By Julie Reynolds Two directors chosen by hedge fund Alden… Continue Reading →

Amid pandemic, Alden Global Capital goes on a buying binge

Media, gambling and travel are the big investments, even as layoffs and furloughs hit Alden’s newspapers across the country   By Julie Reynolds While the rest of the country tightened its belts in the face of the global pandemic, Alden… Continue Reading →

NewsGuild appeal to Tribune shareholders shines light on Alden’s downsizing, shrinking finances

Effort aims to unseat two Alden-allied board members at Tribune’s annual meeting By Julie Reynolds READ The NewsGuild’s letter here Saying it is “alarmed and concerned,” The NewsGuild has launched a proxy campaign to Tribune Publishing shareholders that raises questions… Continue Reading →

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