That’s when they told Bainum he would have to pay Alden fees for five years, starting at $12 million the first year. Bainum had already suggested buying all of Tribune’s newspapers last fall, after he sensed that Tribune was uninterested in selling just the Sun. Tim Ragones, a spokesman for the Tribune board’s special committee, which is assessing bids for the company, declined to comment. Employee unions at 10 Tribune newspapers launched campaigns this summer to try to find local ownership for the publications. ADBut soon after, Freeman indicated that Alden would be content with an offer of between $60 million and $70 million for the Sun.

Source: Washington Post March 15, 2021 21:14 UTC