Shareholders of Tribune Publishing, one of the country’s largest newspaper chains, will vote Friday on whether to be acquired by a hedge fund that already owns one-third of the company and favors aggressive cost-cutting to boost profits. The $630 million bid by that hedge fund, Alden Global Capital, has drawn opposition from Tribune journalists, largely because Alden is known as a cost-slashing owner of media even in an industry characterized by cost cuts and aggressive layoffs. One key vote belongs to Patrick Soon-Shiong, owner of the Los Angeles Times and Tribune’s No. 2 shareholder, who remains publicly undecided.
The post Tribune shareholders to vote on hedge fund Alden’s bid appeared first on WEEK.