The union at most of Tribune Publishing’s newspapers are making a bold move to stop Alden Global Capital from destroying local journalism in their communities.
Lukas I. Alpert reports in The Wall Street Journal that the News Guild, which represents workers at seven of Tribune’s nine daily newspapers, is demanding that three of the members of Tribune’s seven-person board of directors step down for violating Securities and Exchange Commission rules. The three members were appointed by Alden, a New York-based hedge fund.
One of the three is none other than Randall Smith, the subject of a brutal takedown in The Nation several years ago for pillaging his newspapers and using the money to buy 16 homes in Palm Beach, Florida, for $57 million. (OK, you can’t prove that there was a direct transfer of funds. But money, as they say, is fungible.)
Alden denies any wrongdoing in the would-be Tribune deal, in which it would acquire a majority share of some of our most important newspapers, including the Chicago Tribune, The Baltimore Sun and the Hartford Courant, for an offer valued at $521 million.
- Could Patrick Soon-Shiong save Tribune’s newspapers from Alden’s clutches? (Jan. 2)
- Alden Global Capital wants to take another big bite out of Tribune Publishing (Dec. 31)
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