New York (CNN Business) Hedge fund Alden Global Capital will acquire the rest of what it does not already own of Tribune Publishing (TPCO), owner of the Chicago Tribune, the New York Daily News and other local newspapers, in a deal valued at $630 million. The acquisition has long been expected and feared internally after the hedge fund became the company's largest shareholder in 2019 with about 32% ownership. Shortly after Alden took control, Tribune offered buyouts to employees for the second time in two years. The Hartford Courant staffers sought non-profit ownership through the "Save Our Courant" campaign. The media group includes The Baltimore Sun, the Capital Gazette in Annapolis, The Carroll County Times and other local outlets.

Source: CNN February 17, 2021 01:18 UTC