Tribune Publishing Company and affiliates of Alden Global Capital, a hedge fund, have made a merger agreement under which Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by Alden for $17.25 per share in cash. Alden owns 11,554,306 shares of Tribune common stock, representing 31.6% of the company’s outstanding shares.
Philip G. Franklin, chairman of the board and a member of the special committee, said, “Over the past year, the Company has taken a number of actions to adapt to an ever-changing business and industry environment, including the impact of COVID-19. These actions included strengthening the Company’s financial position, driving digital growth and investing in high-quality content to better serve customers, employees and communities. This positioning enabled the special committee to negotiate a premium, all-cash price, which the committee concluded was superior to the available alternatives.”