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Billionaires pushing hedge funds to buy local newspapers



Two unlikely billionaires may be close to disrupting a large-scale newspaper transaction, which could result in the loss of jobs for hundreds of local journalists across the country.

Push the news: According to reports, Maryland hotel industry giant Stewart Bainum (Stewart Bainum Jr.) and Swiss billionaire Hansjörg Wyss (Hansjörg Wyss) agreed to invest more than US$600 million to compete with self-funded funds of approximately US$680 million. Purchase “Tribune Publishing”. “Tribune Publishing” is the parent company of many of the most iconic newspapers in the United States.

  • According to the Wall Street Journal, due to cheaper bids from private equity giant Alden Global Capital, Tribune’s board of directors can now recommend bids to billionaires for consideration by their shareholders.
  • In February of this year, Alden stated that it would acquire the rest of Tribune Publishing, Tribune’s parent company, Chicago Tribune, the New York Daily News and other local newspapers. The transaction valued Tribune at approximately 6.3 One hundred million U.S. dollars.
  • On Sunday, the “Wall Street Journal”
    ; reported that Barnum Jr. and Wise were able to obtain funding for the bid after they initially offered their $200 million bid. According to a report in the Wall Street Journal, Alden will have four days to put forward a higher bid, otherwise there is a risk of losing the deal.

Be smart: Alden Global Capital (Alden Global Capital) is a hedge fund known for cutting the interests of local newspaper reporters. By gradually increasing its stake in this listed company, it has positioned itself as a hypothetical buyer of Tribune.

  • The Wall Street Journal reported that Chicago Tribune reporters publicly called for the newspaper to be rescued from Alden’s expected destruction, which was the motivation for Wyss’ bid.
  • Last weekend, the “New York Times” reported that Wise was bidding with Benham Jr. for the “Tribune” newspaper and plans to own the Chicago “Tribune.”
  • Bainum Jr. initially stated that he would acquire Baltimore Sun, Annapolis’ Capital Bulletin, and other smaller newspapers in Maryland from Tribune for $65 million in order to transform the news company into a non-profit organization. For-profit organization.
  • The Wall Street Journal reported that Banium Jr. is still planning to convert the Margland-based newspaper into a non-profit organization and control private trusts.

Be smart: Other wealthy people are clearly looking for ways to help them rescue their local newspapers from a potential acquisition by Alden.

  • Last week, The Wall Street Journal reported that a Florida investor named Mason Slane, a minority investor in the Tribune, was willing to bid $100 million to bid for a forum headed by Benham Jr. Newspaper.
  • The Wall Street Journal noted on Sunday that Slane was not included in the new offer submitted by Benim Jr. and Wise to Truben’s board.
  • According to reports, Slaine hopes to own the two Florida papers, the Orlando Sentinel and the Sun Sentinel, published by Tribune in Fort Lauderdale, Florida.
  • Last weekend, the Morning Call, a newspaper owned by Tribune Publishing and representing Lehigh Valley, Pennsylvania, reported that Manhattan investors are the mystery behind the newspaper’s $30-40 million offer Bidders.

deeper: Billionaires dig up the news media as a new form of charity.


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