Feb 16 (Reuters) - Tribune Publishing Co said on
Tuesday its largest shareholder, Alden Global Capital, will buy
shares it does not already own in the company at $17.25 each in
cash and turn the owner of the Chicago Tribune into a privately
Alden's offer represents a premium of 45% to the closing
price of Tribune common stock on Dec. 11, the publisher said in
The hedge fund, known for its hostile takeover bids of
publishing companies, had a 32% stake in Tribune prior to the
Tribune Publishing, which also owns the New York Daily News
and the Baltimore Sun, has seen a decline in revenue this year
as the COVID-19 pandemic hammers the publishing industry.
The company's board on Tuesday approved the buyout following
a recommendation by a special committee it had formed in
December to act on its behalf in respect of Alden's offer.
Along with the buyout, Alden also signed a non-binding term
sheet to sell The Baltimore Sun to Sunlight for All Institute, a
public charity formed by Stewart Bainum Jr, according to
The transaction is expected to close in the second quarter
of 2021, the publisher said.
(Reporting by Shariq Khan and Derek Francis in Bengaluru;
Editing by Shailesh Kuber and Subhranshu Sahu)