TPCO - Alden eyes Tribune amid pandemic hit to publishing industry

Alden Global Capital is the single largest shareholder in Tribune Publishing (TPCO) with a 32% stake, but the hedge fund is looking to purchase the company outright, WSJ reports.Alden already cemented a firmer position on the Tribune board in July, when it took control of a third seat out of seven, in exchange for a standstill deal that prevents it from increasing its stake or making a hostile bid until after June 2021.A deal would have far-reaching implications for an industry beset by sharp declines in revenue, cost cuts and a wave of consolidation. Between 2008 and 2019, newsrooms in the U.S. shed 51% of their jobs, according to the Pew Research Center, while the pandemic hasn't made things easier for advertising-based media.Tribune, which owns the New York Daily News, Chicago Tribune and other local papers, has a market value of about $465M. Its shares are little changed this year

For further details see:

Alden eyes Tribune amid pandemic hit to publishing industry