Alternative bidders emerge for newspaper chain Tribune
A group of alternative bidders is emerging, in late March 2021, for newspaper chain Tribune Publishing, which had agreed to a $630 million deal with hedge fund Alden Global Capital. (AP Photo/Kiichiro Sato, File)A group of alternative bidders is emerging for newspaper chain Tribune Publishing, which had agreed to a $630 million acquisition by hedge fund Alden Global Capital. The Times reported that both would commit up to $100 million to the $650 million bid. The unions at Tribune papers have pushed for alternative buyers for the companyโs papers. Gregory Pratt, a Chicago Tribune reporter and the head of the paper's guild, said they are โheartenedโ by Wyss' interest.
Tribune agrees to purchase by hedge fund for $630 million
FILE - In this April 12, 2006, file photo, flags wave near the Chicago Tribune Tower in downtown Chicago. Newspaper publisher Tribune has agreed to be sold to Alden Global Capital, a hedge fund known for cutting costs and eliminating newsroom jobs, in a deal valued at $630 billion. (AP Photo/Charles Rex Arbogast, File)CHICAGO โ The newspaper publisher Tribune has agreed to be sold to Alden Global Capital, a hedge fund known for cutting costs and eliminating newsroom jobs, in a deal valued at $630 million. Alden became Tribune Publishingโs largest shareholder in 2019; it holds a 32% stake. AdThe success of the Tribune deal hinges on securing the votes of biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong, who owns about 24% of Tribune Publishing, and shareholder Mason Slaine, a former media executive who owns about 8%, according to the Chicago Tribune.
LA Times executive editor Norman Pearlstine steps down
LOS ANGELES โ Los Angeles Times Executive Editor Norman Pearlstine has stepped down after two and a half years heading a newspaper roiled by management shakeups, a drop in revenue and questions about its commitment to newsroom diversity. Pearlstine announced in October that he planned to retire but would stay on to help with the search for a new top editor. The Timesโ owner and executive chairman Dr. Patrick Soon-Shiong wrote Monday in a note to staff that Pearlstine was no longer overseeing the newsroom and had shifted to an advisory role, the newspaper reported. The paper recently hired a search firm to manage the process to find a new executive editor, which is expected to take several months, the Times said. I also recognize itโs the right time to find a successor โ an editor who embodies the qualities needed to continue the Timesโ revival.โ