NY Daily News parent Tribune approves takeover by Alden Global

Shareholders of Tribune Publishing, parent company of the New York Daily News and one of the country’s largest newspaper chains, on Friday approved a takeover by hedge fund Alden Global Capital.

Alden, which already owned one-third of Tribune, now takes full control of the New York Daily News, Chicago Tribune, Baltimore Sun and other Tribune papers in a deal worth roughly $630 million. Through its Digital First Media chain, Alden also owns the Boston Herald, Denver Post and San Jose Mercury News. This is just the latest acquisition of a newspaper company by a financial firm. The collapse of print advertising as readers migrate to digital publications has rocked the traditional newspaper business. Publishers have shut down more than 2,000 papers over the past 15 years and half of newsroom jobs have disappeared. Investment firm owners are often criticized for valuing profits over the mission of local journalism, and Alden is no exception.