Alden completes $630 million acquisition of Tribune Publishing
Alden Global Capital has formally completed its acquisition of Tribune Publishing Monday, the Chicago Tribune reported Tuesday, citing regulatory filings.
Tribune told employees in an announcement Tuesday morning that the company had a new owner and that CEO Terry Jimenez was no longer with the company. Jimenez received a nearly $1.8 million in equity compensation, the Chicago Tribune reported.
Spokespeople for Tribune Publishing did not immediately respond to requests for comment from The Hill.
On Friday, shareholders approved Alden’s $630 million takeover of Tribune Publishing which owns the Chicago Tribune, the New York Daily News, Baltimore Sun, Orlando Sentinel and South Florida Sun-Sentinel, among other papers.
The deal was opposed by many journalists at the Tribune and also at the company’s other papers because of Alden’s reputation for laying off journalists and being one of the most aggressive cost-cutting companies when it comes to media takeovers.
Since the deal was announced three months ago, competing bids to purchase the company failed.
Pleas for Patrick Soon-Shion, the owner of the Los Angeles Times and a major Tribune shareholder, to block the deal were ignored. Soon-Shion did not oppose the deal.