‘Vulture capital’ firm Alden Global acquires San Diego Union-Tribune

The following excerpt was sent out from The San Diego Union-Tribune:

Los Angeles billionaire Dr. Patrick Soon-Shiong has sold The San Diego Union-Tribune to an affiliate of the MediaNews Group for an undisclosed amount, it was announced on Monday.
Denver-based MediaNews Group is owned by Alden Global Capital, which owns roughly 200 publications, including the Chicago Tribune.
An email memo to employees of the Union-Tribune said the Soon-Shiong family “made a good faith effort to rebuild and support both news organizations. We hope that this change now will position both the L.A. Times and San Diego Union-Tribune to succeed. The ongoing work of transforming the L.A. Times into a self-sustaining institution will be our focus, as we believe that Los Angeles needs and deserves a strong, independent news organization.”
In a subsequent email sent to Union-Tribune employees from the MediaNews Group, Sharon Ryan, executive vice president of California for MediaNews Group, said that cutbacks will be needed to “offset the slowdown in revenues as economic headwinds continue to impact the media industry.”
An effort will be made, she said, to find efficiencies in business operations, distribution and production, “while striving to support and prioritize the robust, local newsgathering needed to serve the communities that rely on the Union-Tribune for excellence in journalism.”
Staff was notified Monday that the new owner is offering buyouts through next Monday. If the company does not “reach a sufficient number of employees” to take buyouts, “the company will lay off additional employees,” the staff was informed. It is unknown at this time how deep the potential cuts could be.

Editor’s note: Alden Capital, led by Heath Freeman, has developed a reputation for making draconian cuts to newspapers nationwide and is known in the industry as a “vulture capital” firm. Alden uses the cost savings from drastic newsroom cuts to enrich its board members. The Denver Post and Chicago Tribune count among the papers Alden and Freeman have decimated.