[22] The appointees to the MediaNews board were replaced by new directors representing the stockholders group led by Alden Global Capital. And two, by at least 2013, those of us who worked at Alden-controlled papers (like me) were already experiencing the slashing and burning. The most promising prospect materialized in Baltimore, where a hotel magnate named Stewart Bainum Jr. expressed interest in the Sun. It was like watching a slow-motion disaster, says Gregory Pratt, a reporter at the Chicago Tribune. NY Daily News owner Alden sues Lee after publisher rejects takeover bid But he says the worst culprit is the hedge fund Alden Global Capital, which bought the Mercury in 2011 and has since sold the paper's building and slashed newsroom staff by about 70%. In 2011, Paton launched an ambitious initiative he called Project Thunderdome, hiring more than 50 journalists in New York and strategically deploying them to supplement short-staffed local newsrooms. But outside the industry, few seemed to notice. This story originally appeared on the Morning Edition live blog. What threatens local newspapers now is not just digital disruption or abstract market forces. By that point, Alden was widely known as the grim reaper of American newspapers, as Vanity Fair had put it, and news of the acquisition plans had unleashed a wave of panic across the industry. At the time, finalternatives.com reported that the Global Distress Opportunities fund would focus on financial firms as well as homebuilding, gaming and auto-related names.. In 2016 (year of the most recent 990 available), the foundation invested $17 million in Alden funds. If you want to know what its like when Alden Capital buys your local newspaper, you could look to Montgomery County, Pennsylvania, where coverage of local elections in more than a dozen communities falls to a single reporter working out of his attic and emailing questionnaires to candidates. hide caption. One early article, in the trade publication Poynter, suggested that Aldens interest in the local-news business could be seen as flattering and quoted the owner of The Denver Post as saying he had enormous respect for the firm. A Cornell grad with an M.B.A., Randy is on a partner track at Bear Stearns, where hes poised to make a comfortable fortune simply by climbing the ladder. A native of Vallejo, he was proud to work for his hometown paper. Alden Global Capital aims to buy Lee Enterprises | The Gazette [2] Its managing director is Heath Freeman. Alden Global Capital owns 56 dailies under Digital First Media (Alden also owns 32% of Tribune 10 dailies in Column C.) Tribune Media owns 10 dailies. Alden Global Capital had recently purchased a nearly one-third stake in the Suns parent company, Tribune Publishing, and the firm was signaling that it would soon come for the rest. It's a tangled tale but essentially Asylum produced a film for the McDonald's charitable foundation for Leo. Alden Global Capital revealed a proposal Monday to purchase Lee Enterprise Inc. and its newspapers at $24 a share, casting alarm through the many newsrooms owned by Lee. Alden Global Capital, the hedge fund that owns The Virginian-Pilot and Daily Press in Virginia, has proposed purchasing Lee Enterprises, the Iowa-based owner of the Richmond Times-Dispatch and most other major Virginia newspapers, for approximately $144 million, Alden announced Monday. It seemed reasonable to ask that they answer a few questions. The purchase represents the culmination of Alden's years-long drive to take over the company and its storied titles .
Unprofessional Conduct Ahpra,
Sentence Method Of Note Taking,
Digital Timer For Low Voltage Landscape Lighting Transformer,
Articles W
what newspapers does alden global capital own