The vote on Friday had required approval by two-thirds of the shares held by investors other than Alden, which holds a 32 percent stake in Tribune, to pass. The company’s second-largest shareholder, Dr. Patrick Soon-Shiong, who owns a 24 percent stake in Tribune, did not cast a vote, his spokeswoman said on Friday. “For the past several years, Tribune Publishing has been a passive investment, as he has remained focused on the leadership roles he holds across his companies,” Dr. Soon-Shiong’s spokeswoman said in an emailed statement. Alden began buying up news outlets more than a decade ago and owns MediaNews Group, the second-largest newspaper group in the country, with titles including The Denver Post and The Boston Herald. “Alden’s playbook is pretty straightforward: Buy low, cut deeper,” said Jim Friedlich, the chief executive of The Lenfest Institute for Journalism, a journalism nonprofit that owns The Philadelphia Inquirer.

Source: New York Times May 21, 2021 09:00 UTC