Tribune Publishing Shareholders Say No to Alden

News & Documents

In a letter to Tribune Publishing, state treasurers from Maryland, Connecticut, and Illinois encouraged the company to consider again the offer of $18.50/share from Maryland investor Stewart Bainum, Jr. The three state leaders – Nancy K. Kopp (Maryland), Shawn T. Wooden (Connecticut), and Michael W. Frerichs (Illinois) – have witnessed the damage caused by Alden’s liquidation strategy for news outlets at MediaNews Group, a pattern that has been repeated at Tribune Publishing since Alden bought into the company in fall 2019 and was rewarded with two board seats: “Our communities are ill-served by such dramatic cuts in news coverage,” they wrote.
Residents and local organizations served by Tribune Publishing newspapers have a message for the company’s shareholders: vote NO to a proposed takeover by Alden Global Capital. With shareholders set to vote May 21 on a $17.25 per share bid by the New York hedge fund, dozens of prominent individuals, local unions and community organizations served notice to Trib Pub shareholders that their actions could have profound impacts on millions of stakeholders, posting a letter to shareholders on the Securities & Exchange Commission’s EDGAR database.
On Thursday, May 13, 2021, The NewsGuild-CWA held a webinar for Tribune shareholders and financial journalists, which was followed by a question-and-answer period. A recording of the webinar is available.

In a May 4, 2021, letter to shareholders, The NewsGuild-CWA makes a detailed argument about why investors should vote AGAINST Item #1 on the proxy card for the Special Meeting of Shareholders.  

The price being offered by Alden Global Capital is not the highest price available and investors would forego gains by settling for a lower price.

 

Vote No

Tribune Shareholders: On May 21, vote AGAINST Item #1, Alden Global Capital’s bid to takeover Tribune Publishing.