Tribune Publishing says Alden Global now company's largest shareholder
Tribune Publishing Company announced that funds managed by Alden Global Capital, LLC purchased 9,071,529 shares or 25.2% of the company from Merrick Ventures and Michael W. Ferro, Jr. for $13 per share. As a result of the purchase, Alden is now the company's largest shareholder. The Tribune Publishing Board of Directors is in discussions with Alden to put two members on the Board in connection with increasing the size of the Board from six to eight. "The Tribune Publishing Board of Directors looks forward to working with Alden to enhance our company's value as the company continues to provide valuable journalism for our customers and communities," said David Dreier, Chairman of the Board. "Tribune is a leader in each of our eight markets providing quality, locally focused journalism. Our board believes that solid journalism enhances shareholder value and that will continue to be our driving principle."