A number of weeks in the past, New York hedge fund Alden World Capital LLC was on the verge of buying Tribune Publishing Co. —residence to the Chicago Tribune, Baltimore Solar and different U.S. metro newspapers—with seemingly nobody in its method.
Then it offended one in every of its companions within the deal, setting off a battle that would assist form the way forward for native information in America.
Maryland resort magnate Stewart Bainum Jr. had labored out a facet association with Alden Chief Govt Heath Freeman to purchase the Solar, a paper Mr. Bainum grew up studying. Then, in Mr. Bainum’s view, Alden tried to boost the price of a payment settlement that will considerably jack up the worth, individuals near the state of affairs mentioned.
Mr. Bainum informed his advisers late on the afternoon of Friday, March 12, that he was nervous he may not belief Alden, in line with an individual accustomed to the matter.
That night, the 74-year-old received on the cellphone along with his bankers and determined to aim a shocking Eleventh-hour transfer: his personal bid for the entire firm, which he introduced by the top of the weekend.