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.

“In its bid to acquire Tribune Publishing, the hedge fund Alden Global Capital vowed to provide $375 million in cash to the owner of the Chicago Tribune, the Baltimore Sun and other titles — a theoretically welcome influx to an investment-starved newspaper chain. But industry and financial experts have looked at the fine print and see something starkly different: Alden, they say, has already signaled it plans to saddle Tribune with debt that could further hollow out the company, and it may not have $375 million available to begin with.”
The valuation of Tribune Publishing and its nine metro newspapers, in play for takeover, continues to be an issue with fresh evidence this week that the company is doing reasonably well financially.
This NewsGuild-CWA communication alerts shareholders to the very positive earnings reports issued by the company on May 5, 2021.
This heavily sourced article published in September 2020 examines Alden Global Capital’s history of insider deals and cronyism. It traces the career of Alden founder and Tribune Director Randall Smith from a “bottom feeder” in the 1980s to a retail titan in the 2010s who oversaw the elimination of over 20,000 jobs. It looks at Alden’s liquidation strategy for the papers it controls within MediaNews Group (Alden owns 70% of MNG). It examines how Alden used MNG to extract cash from newspapers to finance a failed investment in a southern pharmacy chain. It explores how Alden appears to have breached its fiduciary duties when, as trustees of MNG newspaper pension plans, it vastly over-invested in Alden assets.