Is Tribune Publishing Private Equity Owned?
Tribune Publishing
Includes Chicago Tribune, NY Daily News, Orlando Sentinel, Hartford Courant, Tribune
media · Chicago, IL
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
- 'Vulture' Fund Alden Global, Known For Slashing Newsrooms, Buys Tribune Papers — NPR(2021-05-21)
- More Than 200 Staffers With Chicago Tribune and 6 Other Newsrooms Begin 24-Hour Strike — WTTW(2024-02-01)
- Tribune shareholders vote to sell legendary chain of newspapers to Alden hedge fund — Washington Post(2021-05-21)
- Chicago Tribune reporters, newsroom staff launch 24-hour strike — Chicago Sun-Times(2024-02-01)
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Frequently Asked Questions
Is Tribune Publishing owned by private equity?
Yes. Tribune Publishing is currently owned by Alden Global Capital, which acquired it in 2021. A hedge fund bought some of America's most storied newspapers, then fired the people who write them.
What happened to Tribune Publishing after 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
Who owns Tribune Publishing?
Tribune Publishing is owned by Alden Global Capital, which acquired it in 2021.