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Alden Global Capital Hedge Fund to Purchase Tribune Newspaper Chain

HeadlineMay 24, 2021

In media news, shareholders have approved the purchase of Tribune Publishing by New York hedge fund Alden Global Capital for $633 million. Tribune Publishing’s many newspapers include the Chicago Tribune, The Baltimore Sun and New York Daily News. Alden, which already owns around 100 newspapers and 200 publications, is known for making major cuts to local papers in pursuit of profit. The outlet More Perfect Union reports Alden slashed the staff of The Denver Post by 75% and closed six newsrooms in 2020. About half of daily local newspaper circulation in the U.S. is now controlled by hedge funds.

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