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Tribune Journalists Are Close To an Improbable Win in Quest for New Owners

  • Rival bid for Tribune may derail hedge fund’s planned takeover
  • Journalists seek out local buyers for other Tribune newspapers

In January of last year, two Chicago Tribune reporters began looking for a civic-minded investor to rescue the newspaper from what they viewed as the clutches of a notorious hedge fund.

For several months, David Jackson and Gary Marx interviewed more than 100 people in the business and philanthropic world, often making calls from a conference room inside the newsroom. They also published an essay in the New York Times predicting the hedge fund, Alden Global Capital, would create “a ghost version of the Chicago Tribune” -- despite being warned it could get them fired.