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.
