pg.acq.push(function() { Found inside – Page 350The Banks, Funds, and Investors and Their (Big) Slices of the Industry,” Nieman Journalism Lab, March 2011, ... Steve Myers, “How Alden Global Capital Has Become a Major Player in the Media Business,” Poynter.org, July 15, 2011, ... Alden Global Capital's proposed takeover of Tribune hinges on receiving Soon-Shiong's support as well as the approval of another large Tribune shareholder, Mason … Another reason to re-double our efforts. The Baltimore Sun narrowly escaped as the newspaper-ravaging Alden Global Capital is poised to take over the rest of the Tribune stable. The name of the company was later changed back to MediaNews Group. One known investor, however, is the Randall and Barbara Smith Foundation, named for Alden founder Smith and his wife. Alden, which already owns about 32% of Tribune . This is a cautionary tale about the dangers of mingling church and state and the ways in which big money can threaten the freedom of the press. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado-based newspaper publisher owned by Alden Global … A 2016 feature in the Denver Post described him as " as aggressive and highly intelligent, flinty-eyed and focused, and a man who has no real affinity for newspapers." According to Aldenâs scarce SEC filings, it currently has fewer than 10 investors, most of them from âoverseas.â But who most of those few souls are, and how much of the hundreds of millions skimmed from DFM papers theyâve received remains a deep, dark mystery. Former Knight-Ridder headquarters. It emphasizes âsupporting the emergence of new, sustainable models for local news, through both grantmaking and research,â Sherry told me, including grant programs for nonprofit news organizations. Tribune Publishing, publisher of the Chicago Tribune and other major newspapers, has agreed to be acquired by Alden Global Capital in a … City Council Approves Ordinance To Crack Down On Single-Use Utensils At Chicago Restaurants, Apple To Customers: Update All Your Devices, Spyware Could Be Secretly Installed. Of the 21 Alden shell companies diagrammed, 9 were . Alden is a New York-based hedge fund known for cutting costs and eliminating newsroom jobs. By 2011, when Alden’s Distressed Opportunities Fund lost more than 20 percent of its value, Knightâs holdings in the fund were valued at $10.7 million. } Shareholders of Tribune Publishing will vote on the company's sale to Alden Global Capital. My answer is itâs hard to know. For months, we worked with local management to craft a letter, which management then sent to corporate lawyers and human resources personnel. The deal is expected to close next month, and will take the company private. Knight first reported its investment in Alden in 2010, noting the fair market value of its Alden holdings was $13.4 million. Alden Global Capital, based in New York City, has slashed the Denver Post newsroom staff from a high of around 300 down to about 60. . Alden Global Capital bought the Journal Register Company in July 2011. Even less is known about Freeman. I asked Knight about those investments and whether the Foundationâs officers had any regrets, knowing what we now do about Aldenâs devastating effect on its own newspapers. That gave Alden majority ownership of every Tribune newspaper, including these . If you have a news scoop or an interesting story for us, please reach out at (323) 421-7514. Float N Grill on 'Shark Tank': What is the cost, who are the founders and can this griller really float? media-tech companies with hubs around the world. Before that, Smith spent the 1970s working in Wall Street, and even started his own investment firm in 1985. To be sure, the Knight Foundation does much to help promote and sustain local news. | Michael Gray, WIkimedia Commons. Found insideThey were in mortal fear that the money-grubbing hedge fund company Alden Global Capital, an assassin of newsroom jobs, would take full control of Tribune Publishing, which owns the Daily News. As I write this, the near-term future of ... Tribune TPCO 0.0% Publishing shareholders today approved its $630 million sale to Alden Global Capital, a New York-based hedge fund with a controversial track record for slashing newsroom budgets . The hedge fund already owns one of the country’s largest newspaper chains. Who Profits From Alden Global Capital? Found insideNow, in The Finance Curse, revised with chapters exclusive to this American edition, he takes us on a terrifying journey through the world economy, exposing tax havens, monopolists, megabanks, private equity firms, Eurobond traders, ... Some of the most notorious figures have cost thousands of journalists their jobs. Per the AP, the president of Alden Capital, Heath Freeman, said . Journalists called it a 'sad sobering day'. Alden Global Capital Is Killing the Newsroom. eventAction: 'load' Tribune owns the Hartford Courant, Connecticut's largest daily newspaper, and may also have stakes in other media properties in Connecticut. The nonprofit will run the paper “for the benefit of the community,” the Sun wrote on Tuesday. That work is now being continued by Heath, who joined Alden in 2006. The firm, R.D. The newspaper publisher Tribune has agreed to be sold to hedge fund Alden Global Capital in a deal valued at $630 million. Cryptocurrency targeting Elon Musk aims to control Tesla stock and 'fly to f**king Pluto’. The Daily News was forced to vacate its Broad Street office in Lower Manhattan … In 2016 (year of the most recent 990 available), the foundation invested $17 million in Alden funds. Together, the duo have run several papers into the ground, notably through Digital First Media (DFM) which has seen massive layoffs in the past. Shareholders […] hitType: 'event', In the for-profit news arena, Knight is âspurring the digital transformation of local newsrooms through the Knight-Lenfest Newsroom Initiative,â Sherry said. Union turmoil erupts at Daily News owner as Alden Global Capital pushes buyouts. âConnecting this to the current state of American newspaper ownership seems rather tenuous.â. Today, we know that Knight, CalPERS and others no longer invest with Alden. eventCategory: event.slot.getSlotElementId(), Topline. Alden already owns 32 percent of Tribune … But we will continue to fight for a better newsroom and each other @ctguild. Any corporate paper trails there, too, quickly lead to dead ends.". ga('ads.send', { According to its 990s, Knight ended up making $185,000 over five years on its initial $13.4 million investment. Found inside... Elizabeth Hernandez, who experienced a viral moment on Twitter in 2018 when she openly criticised the hedge fund who owns the parent company of the Post. Alden Global Capital has been widely criticised in the United States for ... Why the opposition? In this April 25, 2016 file photo, workers walk past the front entrance of the Hartford Courant building in Hartford, Conn. Alden Capital’s acquisition of @tribpub was just approved by shareholders. Its managing director is Heath Freeman. Alden, which owns the MediaNews Group newspaper chain and is the second-largest newspaper company […] In January of last year, reporters at the Tribune were seeking a new owner for the paper out of concerns about Alden Global Capital’s plans for all of the papers owned by Tribune Publishing. window.googletag.pubads().addEventListener('slotRenderEnded', function(event) { In 1991, his methods attracted the interest of the Securities and Exchange Commission (SEC), but he quickly stepped away before they could pin anything on him. Found insideRather, it is a relatively little-known mix of hedge funds, such as Global Fund Media and Alden Global Capital, that dominate the private ownership of media around the world.75 The principal concern of these owners is profitability and ... Last month, shareholders approved Alden Global Capital's purchase of Tribune Publishing - the Chicago-based newspaper group that owns The Baltimore Sun. If Knightâs total divestment from Alden in 2014 was because someone made an ethical decision to stop dealing with the vulture fund, good for them. if(document.querySelector("#adunit")){ eventCategory: event.slot.getSlotElementId(), Shareholders approved the acquisition by Alden, which … Alden owns nearly 100 daily and weekly papers, including . Alden, which already owns roughly 32 percent of Tribune Publishing shares, is known for drastically cutting costs at the newspapers it controls through its MediaNews Group subsidiary. In April 2013 the company was renamed 21st Century Media. The Denver Post has become the face of this struggle, due to an editorial published in its own pages lashing out against owners, New York-based hedge fund Alden Global Capital. Notifications can be turned off anytime from browser settings, Shareholders approved the acquisition by Alden, which already owns about 200 other papers. "A very bad day for local news. 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. pg.acq.push(function() { Who is investor Randall Smith and why is he buying up newspaper companies, deep losses to Alden fundsâ overall values, FROM NIEMAN LAB: The âshadow bankâ that â with the help of public pension funds â is aiding the destruction of local news, Tribune papers lose more than 89 positions under staff buyouts, From Nieman Lab: Alden Global Capital and Tribuneâs board are dancing at the edge of the law, Patrick Soon-Shiong has some explaining to do, The NewsGuild-CWA issues letter to Tribune shareholders urging a NO vote on Alden takeover. The landlord additionally notes that Alden owns 50.1% of Digital First Media, which owns 50 U.S. newspapers and has been characterised as a cutthroat steward of these corporations.The Washington Post has described the hedge fund as a "ruthless … corporate strip-miner." Alden can also be beneath contract to buy Tribune Publishing in a deal valued at $630 million, in line with a number of . },false) But as an organization that believes that âquality information is essential for individuals and communities to make their own best choices,â it was disappointing that the foundation couldnât simply own up to its error in judgment when it came to Alden. It has gained a … let gads_event; Knight began selling off its Alden holdings in 2012, and got completely out in 2014. The stock-for-debt swap had initially involved dozens of entities, but over time, a substantial block of the stock ended up in the hands of one group: Alden Global Capital. So what is this âDistressed Opportunitiesâ fund? Found insideThis book investigates the expanding involvement of China in security cooperation in Africa. Hedge fund known for steep budget cuts to buy Tribune Publishing in $630m deal. I have little faith in a union-busting hedge fund giving orders to journalists across our great city. },false) The deal is expected to close on Tuesday, making Alden the second largest newspaper owner in the country behind Gannett. window.adsContainer = 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