Michael Ferro, former chairman of Tribune Publishing is all set to sell his 25 percent stake to Alden Global Capital, according to reports. This would mean even more investment by Alden into Tribune Publishing, giving it majority control over the organization. It currently owns about 32 percent.
As of now, Tribune staffers are taking measures to limit Alden’s future investments in the publication. However, this may not be possible starting from Jun. 30, 2020, after which it is possible that control of Tribune could be available for Alden strip-mining.
Tribune employees, which include reporters from the Chicago Tribune, The Baltimore Sun, the New York Daily News, and a handful of other metro dailies are retaliating against the decision. A petition has been drafted and currently has been signed by 432 Tribune employees, both union and non-union.
However, Alden is also pushing back as it got the Board expanded to eight members by appointing Dana Goldsmith Needleman and Christopher Minnetian via the hedge fund.
Now, it’s left to be seen who has greater control and whether the petition will bear any favorable results for Tribune employees.
You can find a copy of the petition here.
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