A joint statement on Tribune Publishing’s Annual Meeting of Shareholders

May 22, 2020 – The NewsGuild-represented units of Tribune Publishing issued a joint statement Friday after shareholders approved two permanent additions to the board of directors that consolidated Alden Global Capital’s power over the company. It appears below. Download the PDF. Continue reading “A joint statement on Tribune Publishing’s Annual Meeting of Shareholders”

Employees Decry the State of Journalism at Tribune Publishing; Call on Shareholders to Reject Alden’s Nominees to Board of Directors

May 19, 2020 – Employees at Tribune Publishing are deeply concerned about the direction of the company, according to a survey of Tribune employees conducted by The NewsGuild-CWA last month. [PDF] Continue reading “Employees Decry the State of Journalism at Tribune Publishing; Call on Shareholders to Reject Alden’s Nominees to Board of Directors”

Now Alden is circling Lee newspapers

Cash from understaffed DFM papers was used to finance stock purchase

This article first appeared on the website of DFMworkers.org on Jan. 29, 2020

By Julie Reynolds

Jan. 30, 2020 – Alden Global Capital, the New York vulture hedge fund gutting Digital First Media newspapers, has acquired a $9.2 million stake in one of its rivals, Lee Enterprises, siphoning money from Alden’s highly profitable and understaffed papers to finance the stock purchase. Continue reading “Now Alden is circling Lee newspapers”

NewsGuild demands answers from Alden-backed members on Tribune’s board

Dec. 20, 2019 – The NewsGuild-CWA is demanding answers from two members of the Board of Directors of Tribune Publishing – directors who were appointed on the recommendation of Alden Global Capital, a New York hedge fund known as “the destroyer of newspapers.” Continue reading “NewsGuild demands answers from Alden-backed members on Tribune’s board”

Real estate sell-off and increased debt are possible outcomes of an Alden takeover

This article first appeared on the DFMworkers.org on Dec. 5, 2019.

By Julie Reynolds

Dec. 5, 2019 – One week after Alden Global Capital announced it took a nearly one-third stake in Tribune Publishing, the New York hedge fund appears positioned for a full takeover of Tribune newspapers by next summer. Continue reading “Real estate sell-off and increased debt are possible outcomes of an Alden takeover”

NewsGuild-CWA Denounces Alden Stake in Tribune Publishing

FOR IMMEDIATE RELEASE: Nov. 20, 2019

Washington, D.C. – The purchase by Alden Global Capital of a 25.2 percent stake in Tribune Publishing is a source of deep concern for NewsGuild-CWA members.

“Alden has single-handedly hollowed out the news organization it controls,” said NewsGuild President Bernie Lunzer. “It has liquidated assets – both real estate and employees – solely for its own benefit and without regard to the effects of its policies on news reporting in towns and cities across the country,” he said. Between 2012 and 2019, Alden cut 71 percent of Guild-represented jobs at MediaNews Group newspapers (aka Digital First Media) it controls. Continue reading “NewsGuild-CWA Denounces Alden Stake in Tribune Publishing”

NewsGuild testimony to House Financial Services Committee

Nov. 18, 2019 – NewsGuild-CWA President Bernie Lunzer submitted written testimony to the House Financial Services Committee for its Nov. 19 hearing titled, “American for Sale? An Examination of the Practices of Private Funds.”

The testimony exposes the destructive role of Alden Global Capital, which controls Digital First Media.

“The hollowing out of local news is no mere inconvenience,” Lunzer notes. “Because of the draconian cuts, many local newspapers can no longer cover city meetings, community events, school board votes or high school sports. Recent research from the University of Illinois–Chicago and the University of Notre Dame found that communities that have become “news deserts” pay higher taxes and bond rates and are at greater risk of political corruption. Other studies show lower voter turnout and increased partisanship. In other words, when the watchdogs are gone, democracy dies. Private equity has helped kill the watchdogs.”

The Alden Global Capital Crazy Wall

In which we map Alden’s layers of shell companies to try to figure out who owns your hometown newspaper

This article first appeared on June 24, 2019, on the website of DFMworkers.org.

By Julie Reynolds

Almost every crime movie these days has a crazy wall. It’s one of those bulletin boards detectives put together while they’re trying to solve a crime, and they usually have lots of strings connecting people, places, companies and crime families.

You know, like the Avon Barksdale wall in The Wire

Continue reading “The Alden Global Capital Crazy Wall”

Alden President Heath Freeman and others may face subpoenas, depositions

This article first appeared on June 6, 2019, on the website of DFMworkers.org.

By Julie Reynolds

June 6, 2019 – The secretive business practices of Alden Global Capital, owner of the Digital First Media newspaper chain, will soon face scrutiny in a federal bankruptcy court, just weeks after Alden’s failed attempt to take over Gannett Co. Continue reading “Alden President Heath Freeman and others may face subpoenas, depositions”

Congress Dives Into Local News Crisis

This article first appeared on June 3, 2019, on DFMworkers.org.

By Julie Reynolds

June 4, 2019 – Legislative efforts to save local news continue in Washington after New York hedge fund Alden Global Capital’s failed takeover of the Gannett newspaper chain.

Sen. Sherrod Brown (D-Ohio) has vowed to “continue watching Alden closely.” Continue reading “Congress Dives Into Local News Crisis”