chairman of Those executives are Wesley R. Edens, Randal Nardone and Peter Briger, Jr. We couldnât find any political contributions by GateHouse CEO Kirk Davis in public databases. Alden Global Capital offers employee buyouts two days ... The Politics of Inclusive Development: Interrogating the ... China and Africa: Building Peace and Security Cooperation on ... Alden Global Capital to acquire Tribune Publishing after ... According to the GateHouse website, the company owns the largest number of daily newspapers in the country. Alden Global Capital, already Tribune's biggest shareholder, is known for its practice of slashing costs in its newsrooms. Six weeks ago, it seemed as if hedge fund boss Confounding the question of who actually owns GateHouse is the fact that its New Media Investment Group, controlled by Fortress, is publicly traded. NPR's A Martínez talks to McKay Coppins of The Atlantic about how a hedge fund, Alden Global Capital, is buying and then gutting newspapers — and the implications for democracy.. Transcript. Apparently, the political persuasions of the owners and top executives of most U.S. newspapers are pretty equally divided. Gannett Co. "In this edition, Meyer's analysis of the correlation between newspaper quality and profitability is updated and applied to recent developments in the newspaper industry. Over that time, investment firms bought almost 700 hometown newspapers. When this hedge fund buys local newspapers, democracy suffers. In the same vain, Trump did . The other thing you have to understand is what Alden Global Capital is. Pretty soon, Freeman's firm, Alden Global Capital, had gained control of MediaNews Group, owner of more than 50 papers including the Pulitzer-winning Denver Post, St. Paul Pioneer Press and the . From American master Ward Just, returning to his trademark territory of "Forgetfulness "and "The Weather in Berlin," an evocative portrait of diplomacy and desire set against the backdrop of America's first lost war But other PACs funded by Bezosâ Amazon PAC spent more on Republican candidates in the 2016 election cycle, with one PAC for his space flight company Blue Origin spending twice as much on Republicans over Democrats. “For a guy who was a walk-on for three years, he had an incredible work ethic.”, Mr. Freeman is passionate about food and co-founded City of Saints Coffee Roasters, a small chain of high-end coffee shops, one of which was featured in an episode of the Showtime series “Billions.”. Smith has major media interests through Alden Global Capital's 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. For years, Smithâs political contributions have been solidly behind the Republican Party, according to data available on OpenSecrets.org. Mr. Freeman had been working as an analyst for a boutique advisory firm when Mr. Smith hired him. Great articles, every Saturday. It seemed at the time that Mr. Freeman might have overplayed his hand. Freeman, managing director of New York-based Alden Global Capital, picked up a waterfront mansion in Camp Biscayne, a gated Coconut Grove community, for $19 million, records show. Christian Laettner After the failure of an 11th-hour push to find an alternative buyer, Tribune Publishing shareholders on Friday approved the $633-million sale of the newspaper chain to the New York hedge fund Alden Global Capital. Mr. Slaine at one point expressed interest in purchasing certain Tribune papers. In 2006, the PAC gave twice as much to Republicans as Democrats, then reversed the ratio in 2008. Union infighting at the Chicago Tribune hobbles buyout negotiations with Alden Global Capital Thomas Moore 6/2/2021 Lesbian, bisexual women more successful at the ballot box than gay men, study finds Rapid-fire changes underway at newspapers sold to cost-slashing hedge fund Alden Global Capital have led to a profound case of the jitters at newsrooms like the New York Daily News. . If Rikers Island is the local picture of acute American dysfunction, Alden Global Capital provides the slow-moving national backdrop undergirding it. A graduate of Duke University, Mr. Freeman was a walk-on place-kicker for the football team, which had a 3-30 record while he was on it. “Alden’s strategy has always been to take the money out of these businesses.”, Write to Lukas I. Alpert at lukas.alpert@wsj.com and Cara Lombardo at cara.lombardo@wsj.com, Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. “It made me tend to be more of a realist.”. Our surprising findings on where US newspapers owners stand, politically. Wall Street Journal Newsonomics pays special attention to media and journalism students in a chapter on the back-to-the-future skills they'll need, while marketing professionals get their own view of what the changes mean to them. Alden has declined to comment on the news group’s profitability. When it comes to managing Alden’s investments, Mr. Freeman exhibits little nostalgia and makes decisions solely based on the numbers, people who have worked with him say. Andrea Wenzel models new practices of community-centered journalism that build trust across boundaries of politics, race, and class, and prioritize solutions while engaging the full range of local stakeholders. Less than two weeks later, Alden Global Capital co-founder Randall Smith gave $50,000 to Donald Trump's "Trump Victory" fund. A MARTINEZ, HOST: When you pick up your morning paper today, you might notice something a little different - maybe fewer articles, a lot fewer reporters and maybe some names you don't even recognize. The Tribune deal adds properties like the Chicago Tribune and New York Daily News to Alden’s portfolio, which includes MediaNews Group, a chain of 70-odd dailies such as the Denver Post and San Jose Mercury News. Alden has a reputation for sharply cutting costs by reducing the number of journalists working on its newspapers. 5)* Tribune Publishing Company (Name of Issuer) Common Stock, $0.01 par value per share (Title and Class of Securities) 89609W107 (CUSIP Number) HEATH . And that has major implications for democracy. The Tribune Tower, the iconic former home of the Chicago Tribune, seen in Chicago, Illinois in 2015. So it’s unclear now what direction Fortress’s political leanings will take in the future. The New York Times This report, divided into four sections, documents dramatic changes over the past decade. The Daily News is advertised at a newsstand on July 23, 2018 in New York City. Um, not really much of a guess as to where News Corp owner Rupert Murdochâs political inclinations lie. an unpaid adviser to Mr. Bainum and executive director of the Lenfest Institute for Journalism, the nonprofit foundation that owns the Philadelphia Inquirer. Alden is the hedge fund most recently described as "the gelatinous . “That would be the industrial logic behind the deal,” said Between 2008 and 2019, the newspaper industry shed 51% of its newsroom jobs, according to the Pew Research Center. The Tribune Tower, the iconic former home of the Chicago Tribune, seen in Chicago, Illinois in 2015. But the issue became more personal when her hometown paper, The Baltimore Sun, was among those acquired by hedge fund Alden Global Capital despite efforts by journalists and community members to . Tribune shareholders voted in favor of acquisition by hedge fund Alden Global Capital. Trump said Son promised to âinvest $50 billion and create 50,000 jobs in the United States,â according to the Kansas City Star. The hedge fund tried unsuccessfully to purchase McClatchy Co. in August 2020, with plans to cut hundreds of journalists from local news. Alden is a New York-based hedge fund known for cutting costs and eliminating . An entertaining and informative look at the unique culture of crime, punishment, and killing in Ancient Rome In Ancient Rome, all the best stories have one thing in commonâmurder. One newsroom was missing hot water. Five companies â Tronc Inc. (formerly Tribune Publishing), Gannett, The McClatchy Company, GateHouse Media and Digital First Media â together control the vast majority of metropolitan and regional papers. On Monday, Daily News staffers were hit with the first bout of potentially bad news when they were told via memo that they had been spun off into a separate . Smith has major media interests through Alden Global Capital’s 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. Mr. Freeman, who co-founded Alden in 2007 as a 26-year-old alongside his mentor, investor Tronc, the owner of the Pulitzer Prize winning paper, has . On Friday, shareholders for Tribune Publishing, which owns the Hartford Courant among other titles, agreed to sell the company to Alden Global Capital. Pens and notebooks disappear from newsrooms. 87990cbe856818d5eddac44c7b1cdeb8, Appeared in the May 26, 2021, print edition as 'Tribune’s New Boss Known for Steep Cuts. was taking over the company. Stewart Bainum Jr., chairman of Choice Hotels, plans to open a digital news nonprofit, The Baltimore Banner, next year, according to a report by The Atlantic. As of May 2021, Alden Global is the second-largest newspaper publisher in the United States. Freeman, managing director of New York-based Alden Global Capital, picked up a waterfront mansion in Camp Biscayne, a gated Coconut Grove community, for $19 million, records show. Criticisms There are now at least 1,300 US communities with no local news coverage and another 1,450 with only one newspaper. when he made a game-winning shot in 1992 to send the Blue Devils to the NCAA Final Four. Alden Global Capital had recently purchased a nearly one-third stake in the Sun's parent company, Tribune Publishing, and the firm was signaling that it would soon come for the rest. Later, as an investment banker, he advised labor unions at Trans World Airlines when famed activist investor Heath Freeman Over the last 15 years, almost 1,800 US newspapers have closed. The Post has endured multiple rounds of layoffs since 2010, when Alden Global Capital purchased the paper's parent company, Media News Group (now Digital First Media), and adopted what's been described as a "strip-mining" approach to management. “Numbers don’t lie.”. In this volume, 16 engineering and industrial experts representing eight countries discuss the growth of technological advances and their impact on specific industries and regions of the world. Alden, which. The same day, his wife Barbara gave exactly the same amount. ', Copyright © 2021 Dow Jones & Company, Inc. All Rights Reserved, the financing for Mr. Bainum’s bid fizzled, Chernin Entertainment Taps Advisers to Explore Options, Roku Plans to Develop More Than 50 Original Shows in Next Two Years, Endeavor Nears Stake Sale of Content Business to ‘Parasite’ Backer, Nike Postpones Launch of Travis Scott Sneaker After Astroworld Festival Deaths, Miramax Sues Quentin Tarantino Over ‘Pulp Fiction’ NFT Plans, Black Friday sale: Get a least 30% off or more on getaways, Register your email to get a $10 Hotwire promo code, Expedia Black Friday 2021 Sale - Up to 75% off for members, Start today & save up to $15 with TurboTax 2021, H&R Block Black Friday Sale - 20% off online tax filing, WSJ Women In: Navigating the New Normal at Work, Kyle Rittenhouse Found Not Guilty of All Charges, Citadel CEO Kenneth Griffin Outbid a Group of Crypto Investors for Copy of U.S. Constitution, Are AirPods Out? Tribune papers have taken as big a hit as any. New York City hedge fund Alden Global Capital has become the second largest newspaper publisher in the U.S., but critics say its business model focuses on cutting staff and resources. Itâs a mixed bag, but to claim that U.S. newspaper owners tilt left or right is a risky assumption. Why you should care, With aggressive cost-cutting, Alden can operate its newspapers at a profit for years while turning out a steadily worse product, indifferent to the subscribers it's alienating. Photo: Uprising against Alden in Denver, courtesy of John Leyba. Updated October 18, 2021 at 11:58 AM ET. Well, you know, part of it was having covered politics . _____ The New York-based hedge fund, which critics have called . June 2019: The minutes tick away toward six pm. Briefings: Alden Wolfs down Tribune, Including the Courant… It happened. . âMore than ever before, this is the book our economy needs.â â Dr. Rajiv Shah, president of the Rockefeller Foundation âUnwilling to settle for easy answers or superficial changes, OâLeary and Valdmanis push us all to ask more of ... The Tampa Bay Times has sold its printing plant at 1301 34th St. N to a real estate arm of Alden Global Capital, a New York hedge fund that is the second-largest newspaper owner in the country. Scott Olson / Getty Images. Tribune Publishing shareholders on Friday approved "vulture" fund Alden Global Capital's $633 million bid to buy the Chicago-based newspaper chain—a development that sparked both confusion about how key ballots were recorded as well as outrage among journalists, union leaders, and readers alarmed over what the future may hold.The New York-based hedge fund, which critics have called "the face . Alden Global Capital, a hedge fund known for cutting journalists at local papers to maximize profits, is buying out the remainder of Tribune Publishing, the parent company to the Chicago Tribune, New York Daily News and other local papers.. Driving the news: With the sale, the two companies also announced that The Baltimore Sun would be acquired by a nonprofit backed by a Maryland-based hotel . The definitive work on the role of the investment banker in a troubled company situation. Inside Alden Global Capital. This book investigates the expanding involvement of China in security cooperation in Africa. In 2007, Smith founded Alden Global Capital, and is its chief of investments. Send any friend a story. A few weeks ago, we wrote about Style Weekly, Richmond's alt-weekly newspaper, folding after nearly four decades in business. Get our Newsletter. DFMworkers.org recently looked up the campaign contributions of the owners and top executives and shareholders of U.S. newspaper chains. Inside Alden Global Capital, the secretive hedge fund gutting America's newsrooms. The newspaper lost a quarter of its staff to buyouts after it was acquired by Alden Global Capital in May. Bainum previously launched unsuccessful bids to buy The Baltimore Sun and its former parent company, Tribune Publishing, before they were acquired by Alden Global Capital in June 2021. This book applies lessons from past breakdowns of globalizationâabove all in the Great Depressionâto show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against ... The Atlantic Looks Inside Alden Global Capital. In 2017, I got fascinated with the subject of how private equity was killing newspapers. Taliban Seize Power in Afghanistan: What’s Next, Kabul Airport Inundated With Evacuees as Biden Pledges Support, Elon Musk Reveals Tesla Plans for Humanoid Robot During AI Day, Covid-19 Boosters Are Coming: Here’s What to Know, Watch: People Cling to U.S. Air Force Plane Leaving Kabul. Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. Timely stories highlight journalism crisis. By Rachel Treisman • Oct 18, 2021. Alden Global & Fortress Group: Russian ties to America's local news. Found insideTo wit: GateHouse Media (with Ganne ), Digital First Media (51 percent owned by Alden Global Capital), and other investment companies have pur ased newspaper groups and eliminated staff, abandoned news bureaus, cut other costs, ... Mr. Freeman has said he’s saving newspapers by keeping them financially viable. Where armies once battled, often no one is covering the story at all. Funding for this book was provided by: Furthermore: a program of the J. M. Kaplan Fund . In The Wired City, Dan Kennedy tells the story of the New Haven Independent, a nonprofit community website in Connecticut at the leading edge of reinventing local journalism. NPR's A Martínez talks to McKay Coppins of The Atlantic about how a hedge fund, Alden Global Capital, is buying and then gutting . Perhaps no other function of a free press is as important as the watchdog roleâits ability to monitor the work of the government. Heath Freeman was 21 years old. Why it matters: Given Alden's history, a takeover is expected to result in a restructuring of the company that could result in more . Following Alden's initial stake, t he Chicago Tribune Guild, a newsroom union, said, "We are deeply concerned about Alden Global Capital's new stake in Tribune Publishing." Alden Global Ignites Political Criticism. Now, in The Finance Curse, revised with chapters exclusive to this American edition, he takes us on a terrifying journey through the world economy, exposing tax havens, monopolists, megabanks, private equity firms, Eurobond traders, ... Mr. Freeman sees digital growth opportunities for local news outlets, including from subscriptions and the licensing of stories to tech giants like Following this latest round of layoffs, the News Guild union claimed that the company-wide layoffs were the result of a profit maximization strategy on the part of the hedge fund which owns the news conglomerate. But he never let go—and now he has his prize. the parent company of The Wall Street Journal, has reached such deals with Facebook and Google. GateHouse hedge fund execs have leaned left, but now? Its CEO Craig I. Forman, a former executive at Earthlink, contributed $4000 to Earthlinkâs PAC back in 2006-2007. Alden could also use the more than $200 million in cash on Tribune’s books to pay down debt. “He’s a great guy, a terrific mentor,” Mr. Freeman said of Mr. Smith in the interview last year. More than 1,800 newspapers closed between 2004 and 2018, according to research by the University of North Carolina. A look at Alden Global Capital is the cover story of the latest issue of "The Atlantic," which is currently available online. TPCO / Tribune Publishing Co / Alden Global Capital LLC - SC 13D/A Activist Investment. Oct. 20, 2021 at 2:07 pm Updated Oct. 22, 2021 at 10:09 am. was losing his grip on A timely and original book that will stir up interest and debate, The China Model looks at a political system that not only has had a long history in China, but could prove to be the most important political development of the twenty-first ... His alma mater and sports are key parts of his identity, people who know him say. In The Changing Ecosystem of the News, Martha Minow takes stock of the new media landscape. The Hill is a top US political website, read by the White House and more lawmakers than any other site -- vital for policy, politics and election campaigns. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. With that followed a massive round of buyouts from some of the paper's most well-known journalists. This book provides an overview of how the China â Africa relationship has evolved over the last few decades and examines whether it presents a new paradigm of âdevelopment relationsâ in the international system. The Tribune Tower, the iconic former home of the Chicago Tribune, seen in Chicago, Illinois in 2015. Most of owner Jeff Bezosâ donations go to his Amazon political action committee, which has contributed small amounts to the For Our Future PAC. , almost slipped away from Mr. Freeman. Scott Olson / Getty Images. In 2019, as Alden’s news group made an unsuccessful, unsolicited bid for Gannett, it argued that the publisher had overspent on digital acquisitions. The great newspaper erosion (and the future hope) Some people who grew up with print media are turning to digital. Its managing director is Heath Freeman. Alden Global Capital, the Hedge Fund Killing Newspapers - From: The Atlantic - CMBA News and Information We ran the names of the top three shareholders and came up with nothing. According to the editorial, Alden has slashed the Post's staff by almost two-thirds — and that's despite the paper's reported . The Men Who Are Killing American's Newspapers The Atlantic | November 2021 Inside Alden Global Capital, the secretive hedge fund gutting newsrooms and damaging democracy By Mckay Coppins The Tribune Tower rises above the streets of downtown Chicago in a majestic snarl of Gothic spires and flying buttresses that were designed to exude power and . Shareholders voted Friday to approve a sale to Alden, which previously had a roughly 32% stake in the company. In 2014, he spent $120,000 to buy the game jersey worn by Duke basketball star Only 20 of his 139 contributions we dug up supported Democratic candidates or committees, and in 2010 his company gave $1million to the Republican Governors Association. “From Alden’s perspective, it’s about managing the decline, and if they hadn’t made those cuts, Tribune would have gone under,” said Mason Slaine, a minority shareholder in Tribune who voted against the Alden deal. Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. He tells the story of what went wrong and how to correct the course. Originally published on the eve of the 2016 presidential election, Aldenâs book captured the zeitgeist that would propel Donald J. Trump to the presidency. Choice Hotels International Inc. A captivating and poignant tale, this is the little-known story of a group of Scottish athletes and their fans who went to war togetherâand what happened to the few who made it home. Every . "Alden Global Capital is known as the destroyer of newspapers for good reason," said Gregory Pratt, a politics reporter at the Tribune and president of the Chicago Tribune Guild. Daily: Newspapers Are Dying an Unnatural Death. Kansas City Star article about Son’s meeting with Trump. Through its publishing arm, MediaNews Group, or Digital First Media, Alden now owns around two hundred newspapers, around double what it had in 2018, making it the third-largest newspaper company in the country. CHICAGO (CBS/AP) — The owners of the Chicago Tribune have agreed to a $630 million buyout from Alden Global Capital. From European colonists to Irish and Haitian immigrants to Puerto Ricans, these stories of Frog Hollow show the multiple realities that make up a dynamic urban neighborhood. Features 40 illustrations. Alden Global Capital has begun offering Tribune Publishing employees buyout offers just two days after completing its $630 million acquisition of the company.The Chicago Tribune reported its . DFM purports to be the nation's second-largest newspaper chain in terms of circulation. Meet the Hedge Fund Boss Who Just Bought Tribune's Newspapers Heath Freeman, president of Alden Global Capital, is known for pushing big cost reductions, which he says help to save newspapers For Our Future has in turn donated to other PACs that include environmental and union causes. Company profile page for Alden Global Capital LLC including stock price, company news, press releases, executives, board members, and contact information Why is the American dream more of a reality in Denmark than the USA? What makes child well-being so much worse in some countries than others? As The Inner Level demonstrates, the answer to all these is inequality. In News for the Rich, White, and Blue, Nikki Usher recasts the challenges facing journalism in terms of place, power, and inequality. This book traces the formation of the Sudanese state following the Second World War through a developmentalist ideology. Why Cool Kids Are Wearing Wired Headphones, Secret Chinese Port Project in Persian Gulf Rattles U.S. Relations With Key Ally, Opinion: The Real Biden Bill: At Least $4.6 Trillion, Opinion: On Reconciliation Bill, Senate Moderates Hide Behind Joe Manchin and Kyrsten Sinema, Opinion: The Unhappy Customers of California, Opinion: The U.S. Navy’s Range Has Diminished Dangerously. So weâll call that one a wash. As to the Los Angeles Times and Chicago Tribune: Michael Gordon, CEO of Angelo Gordon, a primary shareholder in Tronc, Inc. (formerly Tribune Publishing), gives to a fairly equal mix of Republicans and Democrats. By Caroline Mimbs Nyce. However, just because media owners have certain political convictions doesnât mean their editors, editorial boards and reporters canât lean the opposite way. Media observers note that they make cuts almost from day one. If youâve ever wondered where the owners of Americaâs allegedly âliberalâ newspapers actually fall on the political spectrum, weâve got the info right here. Saudi Arabia is traditionally viewed through the lenses of Islam, tribe, and the economics of oil. Desert Kingdom now provides an alternative history of environmental power and the making of the modern Saudi state. In an interview last year, Mr. Freeman argued that the austere cuts enacted at his newspapers reflected a more realistic understanding of the industry’s direction and better positioned Alden-owned publishers for the pandemic’s downswing. Industry watchers say they expect it will merge the company with MediaNews Group and extract further cost reductions. McClatchy is also publicly traded. The newspaper lost a quarter of its staff to buyouts after it was acquired by Alden Global . I also called on him to denounce the president for inciting that assault, to condemn the attack on journalists perpetuated by the rioters and the president; and to apologize for his financial support of Trump. Our next guest, journalist, McKay Coppins, investigated hedge fund, Alden Global Capital, and their years long work gutting newspapers. Meanwhile, Senator Charles Schumer (D-New York) said he would watch Alden Global after its deal. The results surprised us, and maybe theyâll surprise you, too. Unlike Alden, Fortressâs top three executives almost exclusively support Democratic candidates, with only a few prominent Republicans in the mix (Carly Fiorina, Rudy Giuliani, John McCain). Ben Bernanke. Adding to the political complexity, SoftBankâs CEO Masayoshi Son (who is also chairman of Sprint) visited then-president-elect Donald Trump in December. But that arrangement fell apart, and a frustrated Mr. Bainum decided to make his own $680 million offer for the entire company in March. Company profile page for Alden Global Capital LLC including stock price, company news, press releases, executives, board members, and contact information Hope may yet spring eternal for Tribune Publishing, the newspaper company that in February struck a $635 million deal with Alden Global Capital, the hedge fund notorious for acquiring local papers .
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