A year under Alden’s grip, how is Tribune faring?

One year ago, the vulture hedge fund Alden Global Capital bought nearly a third of the stock in Tribune Publishing, one of the nation’s most venerable newspaper chains, owner of the Chicago Tribune, Baltimore Sun, Orlando Sun-Sentinel, the Hartford Courant and others.

Since then, the changes in Tribune have been swift and devastating.

Alden, which also owns the MediaNews Group chain (or MNG, formerly Digital First Media), has all but taken charge of Tribune. The hedge fund has left its classic stamp of profiteering across the news chain’s operations — letting Tribune’s digital efforts flounder where other chains have thrived, shutting down newsrooms and offices after defaulting on rent, slashing reporter and other staff pay during the pandemic crisis, and now being sued by shareholders — all while Alden’s officers on the board are handsomely rewarded for this “performance.”

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