Communities call on Tribune Publishing to vote against takeover bid

MAY 13, 2021
CONTACT: Sally Davidow
sdavidow@cwa-union.org
202-368-3324

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.

Continue reading “Communities call on Tribune Publishing to vote against takeover bid”

NewsGuild Sends Second Letter to Tribune Publishing Shareholders

The NewsGuild-CWA sent a second letter to the top shareholders of Tribune Publishing on May 6, which points out that Tribune’s earnings suggest that the company has been sufficiently profitable that it need not be purchased. (The Guild posted the letter on the SEC website as well.)

The letter also links to a May 6 Washington Post article that casts aspersions  on the ability of Alden Global Capital to come up with the cash to buy the company.  

NewsGuild to host special screening of new documentary, News Matters

The NewsGuild will host a special screening on May 13 of News Matters, a new documentary by Emmy award-winning filmmaker Brian Malone about the 2018 rebellion at the Denver Post against Alden Global Capital. 

Guild members can register for the exclusive showing here.

Continue reading “NewsGuild to host special screening of new documentary, News Matters”

NewsGuild-CWA issues letter to Tribune shareholders urging a NO vote on Alden takeover

The NewsGuild-CWA filed a letter to shareholders with the Securities and Exchange Commission on Tuesday, urging a “no” vote on hedge fund Alden Global Capital’s attempted takeover of Tribune Publishing.

Instead of seeking the best value for Tribune shareholders, the Guild’s letter states, Tribune’s board “excessively focused on a rapid approval of Alden’s proposal, even though a potentially superior offer as well as continuing independent operation present higher value alternatives.”

Continue reading “NewsGuild-CWA issues letter to Tribune shareholders urging a NO vote on Alden takeover”

Tribune could take on massive debt to finance its own takeover

Cash-strapped and banished from its luxury offices, Alden Global Capital has crafted a Faustian bargain to buy the publisher

This article first appeared on DFM.workers.org on April 28, 2021.

Alden Global Capital says it can buy Tribune Publishing with surplus cash on hand, but the former New York hedge fund’s merger agreement with Tribune appears to contradict the claim.

Doubts about Alden’s ability to purchase Tribune with cash are reinforced by a costly U.S. Department of Labor investigation, mounting lawsuits over broken lease agreements, and a stealthy exit from the top floor of Manhattan’s glamorous Lipstick Building to an unmarked virtual office in South Florida.

Continue reading “Tribune could take on massive debt to finance its own takeover”

Staff says hedge fund Alden refused to let paper publish diversity announcement for readers

After George Floyd’s killing and the national reckoning on race that followed, journalists at the Denver Post have been meeting regularly to look deeply into the newspaper’s role in perpetuating “systems of racism and inequality and to seek solutions.”

Continue reading “Staff says hedge fund Alden refused to let paper publish diversity announcement for readers”

Newsletter: Strike votes, the fight for pro-journalism owners and more organizing!

Not a subscriber? Click here to sign-up for the Guild’s biweekly email newsletter.

NewsGuild members at The New Yorker, Pitchfork, and Ars Technica voted — with 98 percent support — to approve a strike if negotiations with management of their publications and their parent company, Condé Nast, break down further. The vote came on March 26 after years of contentious negotiations for first contracts at each outlet.

Continue reading “Newsletter: Strike votes, the fight for pro-journalism owners and more organizing!”

Alden is undermining a Baltimore philanthropist’s higher bid for Tribune Publishing

Tribune CEO Terry Jimenez was lone voice voting against Alden takeover

This article first appeared on the website of DFMworkers.org.

Alden Global Capital is aggressively undermining an effort by a Maryland hotel magnate to buy Tribune Publishing and possibly make its papers nonprofit charities, a new government filing reveals.

Continue reading “Alden is undermining a Baltimore philanthropist’s higher bid for Tribune Publishing”

Connecticut legislature hears testimony on the value of the Hartford Courant

A committee of the Connecticut state legislature heard compelling testimony Thursday about the value of The Hartford Courant to the local community and the threat that Alden Global Capital poses to it.

Continue reading “Connecticut legislature hears testimony on the value of the Hartford Courant”

Congress addresses the local news crisis

In a hearing on saving “the free and diverse press,” NewsGuild president urges lawmakers to protect local news and jobs

Summing up the nation’s local news crisis as a combination of unfair siphoning of advertising revenue by online platforms and “predatory financial actors” who strip newsrooms of jobs and resources, NewsGuild President Jon Schleuss testified Friday at a congressional hearing to address the nation’s local news crisis.

Continue reading “Congress addresses the local news crisis”