WASHINGTON: Even as US newspapers sink toward an abyss, an unusual bidding war has broken out for a major chain, pitting hedge fund operators against civic-minded billionaires seeking to promote a nonprofit model for the struggling industry.
Tribune Publishing, which owns the Chicago Tribune, Baltimore Sun and other big regional dailies, was set to sell the company to Alden Global Capital at a value of $630 million, a move that would expand the news operations of the hedge fund with a reputation for aggressive cutting of newsroom staff.
Maryland businessman Stewart Bainum had another idea: he initially struck a deal…
