Tribune Publishing new board seat

tribune_publishingHedge fund run at Tribune Publishing ends in new board seat. “The newspapers should really be owned by the local communities,” Mr. Slaine, a former chief executive of Thomson Financial, said in an interview last month.

Mr. Slaine, who lives in Boca Raton, Fla., added that he had some interest in buying The Sun Sentinel of South Florida, a Tribune Publishing paper.

In 2018, Dr. Patrick Soon-Shiong, a billionaire medical entrepreneur, bought The Los Angeles Times, The San Diego Union-Tribune and other California papers from Tribune Publishing, then known as Tronc, for $500 million. Dr. Soon-Shiong is the second-largest shareholder in Tribune Publishing, with about a quarter of its shares.

Wall Street ownership of newspapers has become common, and Alden helped drive that trend since the Great Recession, when it started grabbing stakes in distressed media companies.

GateHouse_Media_logoLast year, in a deal financed by the private equity firm Apollo Global Management, the newspaper chain Gannett was acquired by the parent company of GateHouse Media to form a giant that publishes more than 250 dailies. The resulting company, called Gannett, is controlled by another private equity fund, Fortress Investment Group, which is owned by the Japanese conglomerate SoftBank.

McClatchy, another chain, is likely to emerge from the bankruptcy it declared this year into the hands of its largest bondholder, the hedge fund Chatham Asset Management.

Alden itself recently disclosed a significant stake in the newspaper chain Lee Enterprises.

Tribune Publishing fell into bankruptcy a decade ago, shortly after it was bought by the Chicago billionaire Sam Zell. In 2016, the private equity firm Merrick Ventures became the largest shareholder in the company. Its chairman, Michael W. Ferro Jr., oversaw extensive job cuts before stepping down in 2018, after two women accused him of unwanted sexual advances.

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About Kristy Denice Bock

Kristy Denice Bock is an avid reader who fell in love with creating characters at a young age. She lives in Coastal Carolina and is quite the fan of the Crystal Coast. She is the mother of four unique humans who constantly keep her on her toes. She’s the proud grandmother of three, and the world’s greatest Aunt to eleven pretty spectacular humans. Her parents bought her a typewriter at 14, and she hasn’t stopped writing since.