Hedge fund Alden Global Capital on Monday officially closed its $633 million acquisition of Tribune Publishing Co., placing all of the Tribune-owned newspapers, including the Hartford Courant, under Alden’s control.
Tribune shareholders voted Friday to sell the media conglomerate to Alden, a deal that had been in the works since early this year. Workers at various Tribune-owned publications, including the Courant, protested the merger and called on Tribune investors to turn down the offer, but over 80% of the shares not already held by Alden voted in favor.
According to documents filed with the U.S. Securities and Exchange Commission this week, Tribune Publishing — now part of a private company — has been delisted from the stock market.
Alden has developed a reputation for buying out financially distressed newspapers and then implementing deep cuts, including layoffs, to produce profits.
The Hartford Courant Guild opposed the acquisition, stating numerous times in the run up to last week’s vote that only local, civic-minded ownership could help restore and revitalize the newspaper, which saw significant job reductions under Tribune.
In addition to the Hartford Courant, Tribune Publishing also owns the Chicago Tribune, The Baltimore Sun, New York Daily News, Florida’s Sun Sentinel and Orlando Sentinel, Virginia’s Daily Press and Virginian-Pilot, and The Morning Call of eastern Pennsylvania.
