Tribune said the purchase price represents a premium of 45% to the closing price of Tribune's shares on Dec. 11, the last trading day before the company received Alden’s proposal. Tribune journalists have spoken up about their fears of Alden’s influence and control over their papers. Alden is known for slashing costs and shrinking newsrooms at the newspapers it acquires to squeeze out profits. The unions at Tribune papers have pushed for alternative buyers for the company’s papers. Tribune’s chief financial officer said in November that the company has been “aggressively” cutting costs during the pandemic, including furloughs, pay cuts and closing its newsrooms.

Source: Daily Sun February 17, 2021 00:45 UTC