Shareholders voted Friday on the $630 million deal
Tribune shareholders voted in favor of acquisition by hedge fund Alden Global Capital.
Tribune publishes the Chicago Tribune, New York Daily News, Baltimore Sun, Orlando Sentinel, Sun-Sentinel, and Daily Press, among others.
In February, Tribune agreed to be acquired Alden Global Capital in a $630 million deal, pending approval.
Under the agreement, Alden, which already owns about 32% of Tribune’s shares, will acquire the remaining shares it doesn’t already own for $17.25 per share. The Baltimore Sun will not be part of the acquisition and will instead be sold to Sunlight for All Institute, a nonprofit formed by Stewart Bainum Jr.
Los Angeles Times owner Patrick Soon-Shiong holds 24% stake in Tribune. On Friday, his spokesperson announced he abstained from voting.
More to come…
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