Alden Declares Victory in Its Monthslong Pursuit of Tribune
- No. 2 shareholder abstains from vote on buyout offer
- Stewart Bainum falls short in effort to fund rival bid
Photographer: Scott Olson/Getty Images
This article is for subscribers only.
Alden Global Capital declared victory in its monthslong effort to acquire Tribune Publishing Co. following a shareholder vote on the hedge fund’s bid for daily newspapers in Chicago, New York and other major cities.
“The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term,” Alden President Heath Freeman said in a statement Friday.