Hedge fund manager Alden Capital announced a deal to purchase Tribune Publishing for $630 million, giving the new owner control of the company that publishes some of the most iconic newspapers in the country, the Chicago Tribune announced.
Alden will take control of the Chicago Tribune, the New York Daily News and the Hartford Courant, as well as newspapers in Virginia and Florida. It will also print suburban newspapers in Illinois and Florida.
As a spinoff of the deal, the Baltimore Sun and its subsidiary Annapolis Capital Gazette, as well as suburban papers in Maryland, will be purchased by a non-profit Sunlight for All Institute who will publish the two dailies as well as several weeklies and some local magazines.