Request comes as Alden is poised to acquire Tribune Publishing.
As New York vulture fund Alden Global Capital takes steps to take majority control of Tribune Publishing, The NewsGuild-CWA has requested a federal inquiry into Alden’s secretive offshore ownership structure.
Continue reading “NewsGuild asks Treasury Secretary Yellen to investigate Alden’s secretive offshore ownership of news chains”
For immediate release
Contact: Sally Davidow
The NewsGuild-CWA today called on Treasury Secretary Janet Yellen to conduct a review of the proposed acquisition of Tribune Publishing by Alden Global Capital, a hedge fund that is notorious in the news industry as a bad actor.
Continue reading “NewsGuild calls on Treasury Secretary Yellen to review Alden’s proposed acquisition of Tribune”
Cites breach of fiduciary duties by Alden directors
FOR IMMEDIATE RELEASE
Jan. 6, 2021; original release Jan. 5, 2021
CONTACT: Sally Davidow
firstname.lastname@example.org (202) 368-3324
The Chicago News Guild has called for the immediate removal of three members of the Tribune Publishing Board of Directors, citing a breach of fiduciary duties in a recent filing of regulatory disclosures. A shareholder proposal sent to Tribune Board Chairman cites misconduct by Tribune directors Randall D. Smith, Dana Goldsmith Needleman, and Christopher Minnetian related to the recently disclosed action of Mr. Smith – Alden Global Capital’s founder.
Continue reading “Journalists’ Union Calls for Removal of Members of Tribune Board of Directors”
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”
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”
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”
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”
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”
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”
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.”