Bainum continues his quest for Tribune as time runs out May 3, 2021 | With time running out, Stewart W. Bainum Jr. is making a renewed effort to buy Tribune Publishing, the newspaper chain that agreed in February to sell itself to its largest shareholder, the hedge fund Alden Global Capital. Mr. Bainum, a Maryland hotel mogul, notified Tribune Publishing on Wednesday that he planned to have $300 million in financing that would go toward a revised offer valuing the company at roughly $680 million, according to three people with knowledge of the proposal. As part of the would-be arrangement, $200 million would come from his own fortune, the people said. The additional $100 million would come from new debt, the people said. The proposal is not quite firm. His offer is contingent on his finding a backer who will take on Tribune’s flagship paper, The Chicago Tribune… The New York Times
Hoffa: Washington lawmakers must of right by workers May 5, 2021 | The Teamsters and other unions for years have been urging lawmakers in Washington, D.C. to prioritize the needs of working people, given that the wealthy in this country have never done better. Finally, elected officials… Continue reading
How much is Tribune Publishing worth? May 12, 2021 | The valuation of Tribune Publishing and its nine metro newspapers, in play for takeover, continues to be an issue with fresh evidence this week that the company is doing reasonably well financially. Tribune Publishing reported its first-quarter results Thursday with EBITDA (earnings before interest, taxes, depreciation and amortization) of $25 million. The company also has $250 million in cash on hand, according to the report… Poynter
Baltimore Sun staff, other Tribune newspapers, to rally Saturday May 14, 2021 | The staff of The Baltimore Sun and other newspapers owned by Tribune Publishing are rallying across the country to demand their parent company not sell their papers to Alden Global Capital, a Manhattan-based hedge fund that was labeled the “grim reaper of American newspapers” after cutting staff and resources at publications it owned. “What do you do in the bottom of the ninth, when you’re down but not out? You rally,” officials with NewsGuild unions, which represent Tribune Publishing newspapers, said in a statement. Tribune newspaper staff in Maryland and community supporters will hold a rally to “save local news” at 2 p.m. on May 15 at Susan Campbell Park at the end of City Dock in Annapolis... Baltimore Fishbowl
Tribune Publishing shareholders vote to sell company to hedge fund May 21, 2021 | After months of almost cinematic twists and turns, an overture from a Swiss billionaire and campaigns from journalists for local ownership, shareholders have decided the fate of Tribune Publishing: Hedge fund Alden Global Capital will buy the Chicago Tribune [and Baltimore Sun] parent for $17.25 per share. The acquisition will put Tribune Publishing fully under the control of Alden, which has a reputation for deep cost-cutting, including newsroom layoffs, at roughly 200 newspapers it has acquired in a buyout spree across the troubled industry… Crain’s Chicago Business Related: The deal is expected to close by June 30 … Baltimore Sun
Listen to the latest edition of the Teamster Podcast May 26, 2021 | In the latest edition of the Teamsters Podcast you’ll hear how the union is flexing its muscles in D.C.’s Corridors of Power to make sure workers can join together and organize for better wages and safer workplaces. Plus, a leading Teamster official tells a Senate subcommittee about the future of freight. Listen here.
Alden Global offers employee buyouts two days after buying Tribune Publishing June 2, 2021 | Alden Global Capital has begun offering Tribune Publishing employees buyout offers just two days after completing its $630 million acquisition of the company. The Chicago Tribune reported its nonunion newsroom employees received a voluntary separation plan Wednesday, and a source familiar with the buyouts said similar plans were being offered to people across the Tribune platform… The Hill
Union turmoil erupts as Alden Global pushes buyouts June 7, 2021 | Tribune Publishing is asking all of its full-time editorial staffers to consider voluntary buyouts at all nine major metro dailies in the chain, which is now controlled by the cost-slashing hedge fund Alden Global Capital. But turmoil has erupted this week inside the News Guild, which represents eight of the nine major dailies and had been pushing for a national negotiating effort. Two major papers, the flagship Chicago Tribune and the New York Daily News have opted not to join the negotiating committee… NY Post