PRIVATE EQUITY OWNED
Tribune Publishing
Includes Chicago Tribune, NY Daily News, Orlando Sentinel, Hartford Courant, Tribune
media · Chicago, IL
- PE Firm
- Alden Global Capital →
- Year Acquired
- 2021
A hedge fund bought some of America's most storied newspapers, then fired the people who write them.
The PE Playbook
- Alden Global Capital completed its $630 million takeover of Tribune Publishing in May 2021 — and offered buyouts to staff two days later
- At guild-represented papers, Alden has cut staff by an average of 75% — the Chicago Tribune newsroom went from 111 people to 76 since June 2021
- More than 200 staffers across seven Tribune newsrooms staged a historic 24-hour strike in February 2024 — most hadn't seen a raise since 2018
- Alden's own newspapers have called them 'vulture capitalists' — when your product literally writes articles about how bad you are, that's a special kind of ownership
Since the Acquisition
- Gutted newsrooms mean fewer reporters covering local government, crime, and community news — the stories that hold power accountable just don't get written anymore
- The Denver Post lost a third of its staff (30 jobs) under Alden; the Chicago Tribune's newsroom shrank by nearly a third — less coverage, less accountability
- Alden sold The Baltimore Sun in 2024 rather than invest in it, ending over a century of independent local ownership
- Readers get thinner papers, fewer investigations, and more wire service filler — the 'local newspaper' increasingly has nothing local about it
Sources
- More Than 200 Staffers With Chicago Tribune and 6 Other Newsrooms Begin 24-Hour Strike — WTTW(2024-02-01)
- Chicago Tribune reporters, newsroom staff launch 24-hour strike — Chicago Sun-Times(2024-02-01)
- 'Vulture' Fund Alden Global, Known For Slashing Newsrooms, Buys Tribune Papers — NPR(2021-05-21)
- Tribune shareholders vote to sell legendary chain of newspapers to Alden hedge fund — Washington Post(2021-05-21)
- Chicago Tribune lays off 8 from newsroom, including 5 union members — Chicago Sun-Times(2025-07-24)
- Chicago Tribune owner Alden wants to acquire publisher of suburban Daily Herald — Chicago Sun-Times(2026-02-08)