Connect with us


Alden Global Capital to buy Tribune in $ 630 million deal




Alden Global Capital, a hedge fund known for cutting journalists in local newspapers to maximize profits, po blen the rest of Tribune Publishing, the Chicago Tribune parent company, the New York Daily News and other local newspapers.

News direction: With the sale, both companies also announced The Baltimore Sun. would be appropriated by a nonprofit organization backed by a Maryland-based hotel billionaire.

Why it matters: The deal creates one of the largest publishing giants in America. Alden already owns hundreds of shares through most of its ownership of MNG (MediaNews Group) Enterprises, commonly known as Digital First Media, which controls papers like the Denver Post and the Boston Herald.

Details: The deal gives Alden 68% of the shares he does not already own in the Tribune for approximately $ 431 million, for Chicago Tribune estimating the full company at $ 630 million.

  • The share price from the merger has risen slightly since the two companies began negotiations last year, with interest in potential acquisitions giving it an incentive.
  • As part of the deal, Alden agreed to sell the Baltimore Sun, The Capital Gazette in Annapolis and several other smaller newspapers to a nonprofit called the Sunlight Institute, a public charity formed by Stewart Bainum Jr., a former Maryland politician and hotel mogul.

By: Given Alden’s history, a acquisition is expected to lead to a restructuring that could result in the disruption of more local news sites.

  • The Tribune editorial staff has prepared training for the moment. The acquisitions were offered to Chicago Tribune and Orlando Sentinel reporters in early January last year, following Alden’s increase in Tribune shares in 2019, as Axios reported.

Be smart: Full acceptance has long been coming.

  • Alden initially acquired a 25% stake in Tribune at the end of 2019 by the largest shareholder of Tribune Michael Ferro in 2019. Later revealed a larger share, 32%.
  • She has made her mark on the Tribune in recent months, negotiated for a third country on board seven persons of the Tribune.
  • Negotiations for that board seat would mean that Alden had to extend an agreement that prevented the hedge fund from increasing its stake in the company, unless it had interest from an outside bidder, until 2021.
  • The Tribune has sought to oust property, mostly real estate, to survive the pandemic-driven financial wind.

Great view: The takeover of the Tribune is the latest example of a historic news company being snatched from a hedge fund amid a bleak time for local news.

  • Tribune rival McClatchy, the home of newspapers like the Miami Herald and The Sacramento Bee, was bought by a hedge fund last year as a result of a bankruptcy auction.
  • An published study in 2018 by the University of North Carolina found that newspaper sales, closures and mergers through the seven largest owners of paper investments have increased over the past five years. As Axios has previously noted, hedge funds or private equity groups based in large cities are typically responsible for acquisitions.
  • Alden tried to buy local media company Gannett in 2019 but failed, leaving the parent company at USA Today to join rival newspaper giant Gatehouse.

What to look for: The deal, which still requires shareholder approval, is expected to close in Q2 this year. One of the largest shareholders of Tribune, who has said little publicly about the takeover bid is Patrick Soon-Shiong, who bought Los Angeles Times and San Diego Union-Tribune by Tribune in 2018 for $ 500 million.

Go deeper:

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]