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9 newspapers, all sold! Total $630 Million..

9 newspapers, all sold! Total $630 Million..

Tribune Publishing will sell some of its newspapers to Alden Global Capital, a US hedge fund, for $630m, foxnews reported Wednesday, with nine newspapers, including the Chicago Tribune, the Baltimore Sun and the New York Daily News, to be fully managed by Alden Global Capital. The deal has now been approved by Tribune Publishing Group shareholders and is expected to take place next Tuesday (25th).

Alden Global Capital is understood to already own nearly a third of Tribune Publishing Group and will become its largest shareholder in 2019. The Washington Post has pointed out that the hedge fund company is known for cutting jobs and slashing costs.

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