It’s a holding pattern of sorts in two stories the
industry has closely watched involving Tribune Publishing and McClatchy Co.
Tribune Publishing has a new
arrangement with its largest shareholder, hedge fund Alden Global Capital, the
Chicago Tribune reported.
The deal
extends an ownership standstill agreement until next year and adds Randall
Smith to the company’s board. Smith is the New York-based hedge fund’s
co-founder. The changes were approved at a special board meeting
Wednesday.
With Smith,
Alden has three seats on the seven-member board.
With the
new deal, Alden’s stake will stay fixed at 33% until after Tribune Publishing’s
next annual shareholder meeting, which can happen no later than June 15, 2021,
a company spokesman said and the Chicago Tribune reported.
The
complete agreement between Tribune Publishing and Alden is included in a Form
8-K to be filed with the SEC.
The moves
come amid industry speculation about the future of Tribune Publishing, with much of
the speculation not terribly flattering toward Alden.
The Chicago
Tribune Guild has started a "Save Our Tribune" campaign and a
Pulitzer-Prize-winning reporter has left as Alden increases its
presence.
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