Hedge fund Alden Global Capital closed its deal for Tribune on Monday and has installed new leadership and saddled the newspaper chain with $278 million in debt, according to regulatory filings. Alden, which owns the MediaNews Group newspaper chain and is the second-largest newspaper company by circulation, has a reputation as a ruthless cost-cutter in pursuit of profits. Weighing down Tribune with debt could make it harder to invest in local journalism. The union that represents the journalists had raised concerns that Alden would use debt to pay for Tribune. Tribune reporters were tweeting that the company was offering voluntary buyouts.
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