Statement on Tribune Shareholders Vote from NewsGuild’s Tribune newsrooms

NewsGuild units at the papers of Tribune Publishing issued the following joint statement on the vote by shareholders regarding the takeover by Alden Global Capital.

Today, Tribune Publishing shareholders voted to put profit and greed over local news in our country. 

While we are saddened by the turn of events, we know that our work over the past year — to build allies in the community and to raise awareness about Alden — is not in vain. Those allies will support us as we fight against Alden to protect local news and the cuts that they will inevitably try to make. 

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Ahead of Tribune shareholder vote, journalists and supporters around U.S. protest Alden takeover bid

Hundreds of NewsGuild members rallied in Chicago, Orlando, Virginia Beach, Hartford and Annapolis on May 15 in an effort to stop Alden Global Capital’s planned takeover of Tribune Publishing. Tribune shareholders will vote on Alden’s bid to purchase the company on May 21.

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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.

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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.

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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.”

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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.

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