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what newspapers does alden global capital own

Theres no industry that I can think of more integral to a working democracy than the local-news business, he said. Local newsrooms strained by budget-slashing financial firms Hedge Fund Alden in Hunt for Another Big Newspaper Chain To him, its the same as oil, the publisher said. He scores big with a bankrupt aerospace manufacturer, and again with a Dallas-based drilling company. Hedge fund Alden Global Capital, one of the country's largest newspaper owners with a reputation for intense cost cuts and layoffs, has offered to buy the local newspaper chain Lee Enterprises for . [29] This attempt also failed, as shareholders returned both directors to the Lee board despite Alden's opposition. Tampa Bay Times sells printing plant to developer for $21 million Alden is in the business of making money, not journalism. Alden gradually took control of the papers that would become DFM. When hed agreed to the interview, Id expected him to say the things he was supposed to saythat the layoffs and buyouts were necessary but tragic; that he held local journalism in the highest esteem; that he felt a sacred responsibility to steer these newspapers toward a robust future. In truth, Freeman didnt seem particularly interested in defending Aldens reputation. When a local newspaper vanishes, research shows, it tends to correspond with lower voter turnout, increased polarization, and a general erosion of civic engagement. Coordinated by . Instead, they gutted the place. What Alden's potential acquisition of Lee Enterprises means for 20-plus When I asked Freeman what he thought was broken about the newspaper industry, he launched into a monologue that was laden with jargon and light on insightsummarizing what has been the conventional wisdom for a decade as though it were Aldens discovery. Connecting this to the current state of American newspaper ownership seems rather tenuous.. One conclusions even these reporters are hesitant to make is that we are all dealing within a capitalist system which has none, or few, principles to guide itself, apart from making a profit, no matter how. Even in a declining industry, the newspapers still generated hundreds of millions of dollars in annual revenues; many of them were turning profits. On . It wasn't the first newspaper acquisition for this hedge fund firm, nor is it the only firm of its kind eyeing the nation's newspapers. , From the February 1905 issue: The confessions of a newspaper woman, The papers union hired a PR firm to launch a public-awareness campaign under the banner Save Our Sun and published a letter calling on the Tribune board to sell the paper to local owners. [33], Alden Global Capital's management of American newspapers has been criticized. A young man named Randall Duncan SmithRandy for shortstands next to his wife, Kathryn, answering quick-fire trivia questions in front of a live studio audience. The paper had weathered a decade and a half of mismanagement and declining revenues and layoffs, and had finally achieved a kind of stability. Much of the Knight family's once-grand newspaper empire was ultimately acquired by Alden Global Capital, while the family foundation invested in Alden funds. Alden, which took Chicago-based newspaper chain Tribune Publishing private in May, said it made a proposal to buy Lee for $24 a share in cash, a 30% premium to Friday's closing price for . Alden completed its takeover of the Tribune papers in May. by Magnus Shaw..An enormous advertising company (Leo Burnett) and a small creative film company (Asylum) have had a difficult couple of weeks. Media . But by 2013, despite deep losses to Alden funds overall values in the previous two years, Smith was able to begin buying his now infamous swath of South Florida mansions for $58 million and Freeman was acquiring multi-million-dollar New York condos. A search through nonprofit groups publicly available financial reports, commonly known as Form 990s, reveals that all kinds of organizations some surprising have invested their monies with Alden over the years. about two hundred American newspapers. Meanwhile, with few newsroom jobs left to eliminate, Alden continued to find creative ways to cut costs. Hedge fund Alden Global Capital, one of the country's largest newspaper owners with a reputation for intense cost cuts and layoffs, has offered to buy the local newspaper chain Lee Enterprises for about $141 million. What exactly went wrong would become a point of bitter debate among the journalists involved in the campaigns. Several interim executive positions were also filled by people related to Alden or its parent, Smith Management LLC.[23]. Lee Enterprises, the owner of daily newspapers in Winston-Salem and Greensboro, this morning rejected a hedge fund's proposal to take over the company. Around this time, Randy becomes preoccupied with privacy. But even for a group of journalists, it was tough to keep the publics attention. Maybe theyd cancel their subscriptions eventually; maybe the papers would fold altogether. October 14, 2021. Alden, a New York City-based firm that has become the grim reaper of American newspapers, had recently increased its stake in Tribune Publishing to 32%making it the largest shareholder of the . At the Suns peak, it employed more than 400 journalists, with reporters in London and Tokyo and Jerusalem. The newsroom was moved to a single room rented from the local chamber of commerce. In a press release Monday, Nov. 22, 2021 Alden said it sent Lee's board a letter with the offer. The new owners did not fly to Chicago to address the staff, nor did they bother with paeans to the vital civic role of journalism. Alden Global Capital, a hedge fund known for gutting local newsrooms, is seeking to buy Lee Enterprises (LEE), a publicly traded company with a chain of daily newspapers and other publications . You have no way of knowing that if you dont have some nosy son of a bitch asking a lot of questions down there, he told me. Well, he told me, they have some very good reporters., This article appears in the November 2021 print edition with the headline The Men Who Are Killing Americas Newspapers., A Secretive Hedge Fund Is Gutting Newsrooms, I Dont Know That I Would Even Call It Meth Anymore, W. G. Sebald Ransacked Jewish Lives for His Fictions. "Local newspaper brands and operations are the engines that power trusted local news in communities across the United States," Heath Freeman, president of Alden Global Capital, said in a . The purchase represents the culmination of Alden's years-long drive to take over the company and its storied titles . Some have even suggested that this represents Americas last chance to save its local-news industry. The shadow of hedge fund and corporate ownership leaves newsrooms in The Tribune Company (which owns the newspapers mentioned above) was still turning a profit when Alden bought it, but the hedge fund immediately offered aggressive rounds of buyouts and shrunk its newsrooms in the name of increasing profit margins. Its World War II correspondent brought firsthand news of Nazi concentration camps to American readers; its editorial page had the power to make or break political careers in Maryland. On the surface, the answer might seem obvious. Shareholders of Tribune Publishing, one of the country's largest newspaper chains, on Friday approved a takeover by hedge fund Alden Global Capital. Clearly, for Smith and Freeman, chop-shopping their newspapers paid off. Lee's board of directors . When lawmakers pressed for details last year on who funds Alden, the company replied that there may be certain legal entities and organizational structures formed outside of the United States.. Tribune Sale to Alden Approved by Shareholders - The New York Times Reading these stories now has a certain horror-movie quality: You want to somehow warn the unwitting victims of whats about to happen. Alden is not a newspaper company, says Ann Marie Lipinski, a former editor in chief of the Chicago Tribune. I sort of bully people around to get stuff done, he boasted to The Washington Post in 1985. Prior to the acquisition of the Tribune Company, we purchased substantially all of our newspapers out of bankruptcy or close to liquidation, he told me. Inside Alden Global Capital. Theyre being targeted by investors who have figured out how to get rich by strip-mining local-news outfits. With aggressive cost-cutting, Alden can operate its newspapers at a profit for years while turning out a steadily worse product, indifferent to the subscribers its alienating. City budgets balloon, along with corruption and dysfunction. Two days after the deal was finalized, Alden announced an aggressive round of buyouts. Hedge fund Alden Global Capital will acquire the rest of what it does not already own of Tribune Publishing, owner of the Chicago Tribune, the New York Daily News and other local newspapers, in a . 'Sobs, gasps, expletives' over latest Denver Post layoffs", "The Hedge Fund Vampire That Bleeds Newspapers Dry Now Has the Chicago Tribune by the Throat", "How Massive Cuts Have Remade The Denver Post", "Newsonomics: By selling to Americas worst newspaper owners, Michael Ferro ushers the vultures into Tribune", "A Secretive Hedge Fund Is Gutting Newsrooms", "Affiliated Media Files for Bankruptcy to Restructure (Update2)", "The shakeup at MediaNews: Why it could be the leadup to a massive newspaper consolidation", "Alden Global Capital to buy Tribune in deal valued at $630 million", "Lee Enterprises Enacts Poison Pill to Guard Against Alden Takeover", "Lee Enterprises Board Rejects Alden's Acquisition Offer", "Alden Global Capital takes Lee Enterprises to court over failed board nominations", "Alden Global Capital sues Lee Enterprises after rejected takeover bid", "Alden Global Capital loses lawsuit to nominate its slate of candidates for Lee Enterprises' board", "Lee Enterprises shareholders reelect three directors amid hedge fund fight", "Tampa Bay Times sells printing plant to developer for $21 million", "A hedge fund's 'mercenary' strategy: Buy newspapers, slash jobs, sell the buildings", "The hedge fund trying to buy Gannett faces federal probe after investing newspaper workers' pensions in its own funds", https://en.wikipedia.org/w/index.php?title=Alden_Global_Capital&oldid=1130942589, This page was last edited on 1 January 2023, at 19:27. Alden Global to buy Tribune Publishing for $630 million - Los Angeles Times Opinions - Help yourself. Is it ever okay to nick an idea? AP. The Tribune had been profitable when Alden took over. Alden Global Capital - Wikipedia Meet the Hedge Fund Boss Who Just Bought Tribune's Newspapers In the past 15 years, more than a quarter of American newspapers have gone out of business. During its five-year run with Alden, it seems quite unlikely that no one at Knight knew about the hedge funds slash-and-burn strategy for two reasons. NPR reached out to Alden for a response. Alden, which has built a reputation as one of the newspaper industry's most aggressive cost-cutters, became Tribune Publishing's largest shareholder in November 2019 and owns a 31.3% stake. On more than one occasion, according to people I spoke with, he asked aloud, What do all these people do? According to the former executive, Freeman once suggested in a meeting that Aldens newspapers could get rid of all their full-time reporters and rely entirely on freelancers. Margaret Sullivan: The Constitution doesnt work without local news. (Freeman denied this characterization through a spokesperson. Eventually he was the only news reporter left on staff, charged with covering the citys police, schools, government, courts, hospitals, and businesses. The families that used to own the bulk of Americas local newspapersthe Bonfilses of Denver, the Chandlers of Los Angeleswere never perfect stewards. It emphasizes supporting the emergence of new, sustainable models for local news, through both grantmaking and research, Sherry told me, including grant programs for nonprofit news organizations. Fears for future of American journalism as hedge funds flex power A month after he started, one of his fellow reporters left and Glidden was asked to start covering schools in addition to his other responsibilities. Lee Enterprises holds off an Alden takeoverfor now With full control of Tribune Publishing, Alden Global Capital is scrambling to squeeze out a return on its $600 million investment in the struggling Chicago-based newspaper company. This is predatory.. We must finally require the online tech behemoths, such as Google, Apple, and Facebook, to fairly compensate us for our original news content, he told me. But maybe the clearest illustration is in Vallejo, California, a city of about 120,000 people 30 miles north of San Francisco. Is this company saving newspapers or profiting from their demise? - The It makes me profoundly sad to think about what the Trib was, what it is, and what its likely to become, says David Axelrod, who was a reporter at the paper before becoming an adviser to Barack Obama. Gerry Smith. To be sure, the Knight Foundation does much to help promote and sustain local news. [3] [4] With its acquisition of Tribune Publishing in late . Probably not.. Another ex-publisher told me Freeman believed that local newspapers should be treated like any other commodity in an extractive business. Dec 9, 2021. By McKay Coppins. As the months passed, things kept getting worse. Alden Global Capital is buying and gutting local newspapers : NPR - NPR.org [21], Under the acquisition plan, MediaNews Group debt fell to $165 million from about $930 million. At the Pioneer Press , where its staff is down to 60, the paper produced a . After serving in the Carter administrations Treasury Department, Brian became widely knownand fearedin the 80s for his hard-line negotiating style. Earnest and unpolished, with a perpetually mussed mop of hair, Bainum presented himself as a contrast to the cutthroat capitalists at Alden. If accepted, the $24 per share purchase price would . The best architects of the era were invited to submit designs; lofty quotes about the Fourth Estate were selected to adorn the lobby. For those who cared about the future of local news, it was hard to imagine a better outcomewhich made it all the more devastating when the bid fell through. The pitch had a certain romantic appeal to the reporters in the room. It felt important. (PDF) Extractive Imperialism in the Americas | henry veltmeyer ), Crucially, the profits generated by Aldens newspapers did not go toward rebuilding newsrooms. Alden Global Capital already had a 32% stake in Tribune Publishing, which owns famous names like the Tribune, Daily News, the Hartford Courant and others, and on Tuesday announced it would pay . But for Simon, that paper exists entirely in the past. This was the core of Freemans argument. In recent months, hes been meeting with leaders of local-news start-ups across the countryThe Texas Tribune, the Daily Memphian, The City in New Yorkand collecting best practices. Alden, which owns more than 200 newspapers across the country, has developed a reputation for using extensive layoffs and severe cost cuts at the newspapers it owns.

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what newspapers does alden global capital own

　

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