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Alden Global Seeks to Buy Tribune Publishing

Alden Global Seeks to Buy Tribune Publishing

Tribune Publishing has a market value of roughly $470 million after a yearslong slide as the prospects for local newspapers dim. Photo: Bri

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Tribune Publishing has a market value of roughly $470 million after a yearslong slide as the prospects for local newspapers dim.

Photo: Brian Cassella/Zuma Press

A hedge fund that owns a big stake in Tribune Publishing Co. TPCO 0.31% is seeking to buy the newspaper chain behind titles including the Chicago Tribune and New York Daily News, according to people familiar with the matter.

Alden Global Capital LLC, which is already Tribune’s largest shareholder with a 32% stake, could disclose an offer for the company as soon as Thursday, the people said. Details of the potential bid couldn’t be learned.

Tribune has a market value of roughly $470 million after a yearslong slide as the prospects for local newspapers dim. Its shares are little changed this year and closed Wednesday at $12.79.

(More to come.)

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

This post first appeared on wsj.com

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