Skip to content
Subscriber Only

Tribune Agrees to $430 Million Takeover by Hedge Fund

  • Alden Global is already largest shareholder with 32% stake
  • Tribune staffers wary of Alden had sought local ownership
The Chicago Tribune Building Ahead Of Tribune Media Co. Earnings Figures
Photographer: Christopher Dilts/Bloomberg
Updated on

Tribune Publishing Co., the owner of the Chicago Tribune and New York Daily News, agreed to be acquired by Alden Global Capital LLC for about $430 million, putting a hedge fund known for firing journalists atop one of the nation’s largest newspaper companies.

Alden, which already holds a 32% stake in Tribune, agreed to pay $17.25 a share for the stock it doesn’t already own, according to a statement Tuesday. The investment group inquired about an acquisition at $14.25 a share in a letter sent to Tribune’s board in December.