Tribune Publishing has a new arrangement with its largest
shareholder, hedge fund Alden Global Capital, the Chicago Tribune reported July 1.
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 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"
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