Tribune Publishing has new owners as Alden Global Capital has formally completed its purchase of the newspaper, the Chicago Tribune reported.
Last week, stockholders gave the green light for Alden’s $630 million takeover of Tribune Publishing, owners of the Chicago Tribune, the New York Daily News, Baltimore Sun, Orlando Sentinel, and South Florida Sun-Sentinel, among other papers.
Now the process of transitioning ownership is beginning, one of the first announcements made by Tribune regards that CEO Terry Jimenez was no longer with the company. Upon his departure, Jimenez received nearly $1.8 million in equity compensation.
Plenty of journalists opposed the deal at the Tribune due to Alden’s notoriety for laying off journalists and being one of the most vigorous cost-cutting companies when it comes to media takeovers.
Many were hoping for Patrick Soon-Shion, the owner of the Los Angeles Times and a major Tribune shareholder, would block the deal, but Soon-Shion did not oppose the deal.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
