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U.S. newspaper owner Tribune Publishing to be acquired by hedge fund known for slashing jobs
Media
Tribune Publishing, owner of major U.S. newspapers, to be acquired by hedge fund known for slashing newsroom jobs
By Paul Farhi and Elahe Izadi
Feb. 16, 2021 at 8:08 p.m. EST
Alden Global Capital, an investment fund known for acquiring and slashing the operations of newspapers, said it would take over Tribune Publishing Co. of Chicago, the owner of the Chicago Tribune, Orlando Sentinel and New York Daily News.
As part of the deal, Tribune will spin off the Baltimore Sun to a nonprofit organization headed by Stewart W. Bainum Jr., a longtime Maryland business executive and former state legislator.
Bainum’s nonprofit Sunlight for All Institute will also acquire the Capital Gazette in Annapolis, the Carroll County Times in Maryland and several other Baltimore-area weeklies and magazines.
Newspapers have been ravaged by years of competition from digital competitors, especially Facebook and Google. The industry has consolidated in the past few years in an effort to stem the tide of fleeing advertisers and readers.
{snip}
Paul Farhi
Paul Farhi is The Washington Post's media reporter. He started at The Post in 1988 and has been a financial reporter, a political reporter and a Style reporter. Follow https://twitter.com/farhip
Elahe Izadi
Elahe Izadi covers media for The Washington Post. She joined The Post in 2014 as a general assignment reporter, and has covered pop culture, Congress, demographics and breaking news. Follow https://twitter.com/ElaheIzadi
Tribune Publishing, owner of major U.S. newspapers, to be acquired by hedge fund known for slashing newsroom jobs
By Paul Farhi and Elahe Izadi
Feb. 16, 2021 at 8:08 p.m. EST
Alden Global Capital, an investment fund known for acquiring and slashing the operations of newspapers, said it would take over Tribune Publishing Co. of Chicago, the owner of the Chicago Tribune, Orlando Sentinel and New York Daily News.
As part of the deal, Tribune will spin off the Baltimore Sun to a nonprofit organization headed by Stewart W. Bainum Jr., a longtime Maryland business executive and former state legislator.
Bainum’s nonprofit Sunlight for All Institute will also acquire the Capital Gazette in Annapolis, the Carroll County Times in Maryland and several other Baltimore-area weeklies and magazines.
Newspapers have been ravaged by years of competition from digital competitors, especially Facebook and Google. The industry has consolidated in the past few years in an effort to stem the tide of fleeing advertisers and readers.
{snip}
Paul Farhi
Paul Farhi is The Washington Post's media reporter. He started at The Post in 1988 and has been a financial reporter, a political reporter and a Style reporter. Follow https://twitter.com/farhip
Elahe Izadi
Elahe Izadi covers media for The Washington Post. She joined The Post in 2014 as a general assignment reporter, and has covered pop culture, Congress, demographics and breaking news. Follow https://twitter.com/ElaheIzadi
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