As industry watchers knew was on tap, Tribune Publishing shareholders voted Friday to approve hedge fund Alden Global Capital’s $633 million buy of the chain.
The deal is expected to close by June 30, says the Chicago Tribune. It will take Tribune Publishing private and make Alden the second-largest newspaper owner in the country. Gannett is No. 1.
Reaction has been unenthusiastic in some quarters. “Today, Tribune Publishing shareholders voted to put profit and greed over local news in our country,” reads a joint statement from NewsGuild’s Tribune newsrooms.
“America’s rich people could have saved local journalism — and perhaps democracy. They refused” read a column head in The Washington Post.
“‘Vulture’ fund Alden Global, known for slashing newsrooms, buys Tribune papers” said NPR.
“‘Sad, sobering day’ for Chicago Tribune as Alden wins takeover bid,” read a headline on Chicago media watcher Robert Feder's blog.
Others were more muted. “Not going anywhere: Under Alden Global Capital’s ownership, the Daily News will keep doing what it has always done,” said the New York Daily News.
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