Tribune is mum on potential sale to Alden Global Capital

The Wall Street Journal reported that sources said a deal could be reached this month.

SHARE Tribune is mum on potential sale to Alden Global Capital
Copies of the Chicago Tribune are shown on sale at O’Hare Airport in 2016.

Tribune Publishing declined to comment on a report that it is negotiating a sale to Alden Global Capital.

AP file

A spokesman for Tribune Publishing, owner of the Chicago Tribune, declined to comment Thursday on a report it is discussing a sale to its largest shareholder, Alden Global Capital.

The Wall Street Journal, citing sources, said a deal could be reached this month. Alden, holder of a 32% stake in Tribune, offered to buy the company in December for $14.25. On Dec. 31, Tribune said it appointed a committee of independent directors to evaluate the terms, but it has not furnished comments since then.

Lazard, the investment bank Tribune hired to advise it, did not return a message seeking comment.

The company’s other properties include the New York Daily News, Baltimore Sun and the Orlando Sentinel. Alden, through its Media News Group, controls about 200 daily and weekly newspapers. The New York-based hedge fund is known for aggressive cost-cutting to combat ongoing declines in ad revenue.

Tribune’s stock price has advanced since Alden’s offer. The shares closed Thursday at $15.63, up more than 2% for the day. The rally indicates investors believe Alden or some other buyer must improve on the $14.25 price.

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