Tribune agrees to purchase by hedge fund for $630 million

CHICAGO (AP) — 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. Tribune Publishing Co., which owns the Chicago Tribune, the New York Daily News, the Baltimore Sun and other newspapers, said Tuesday it has agreed to sell its shares to Alden for $17.25 apiece, in cash. Alden became Tribune Publishing’s largest shareholder in 2019; it holds a 32% stake in the publisher. The deal is expected to close in the second quarter.