FILE - In this April 12, 2006, file photo, flags wave near the Chicago Tribune Tower in downtown Chicago.
Newspaper publisher Tribune has agreed to be sold to Alden Global Capital, a hedge fund known for cutting costs and eliminating newsroom jobs, in a deal valued at $630 billion.
(AP Photo/Charles Rex Arbogast, File)CHICAGO โ The newspaper publisher Tribune has agreed to be sold to Alden Global Capital, a hedge fund known for cutting costs and eliminating newsroom jobs, in a deal valued at $630 million.
Alden became Tribune Publishingโs largest shareholder in 2019; it holds a 32% stake.
AdThe success of the Tribune deal hinges on securing the votes of biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong, who owns about 24% of Tribune Publishing, and shareholder Mason Slaine, a former media executive who owns about 8%, according to the Chicago Tribune.