Alden Global Capital, the private equity fund that owns the Chicago Tribune and more than 160 other newspapers across the United States, wants to add the Daily Herald to its portfolio.
The company, which operates through MediaNews Group and Tribune Publishing, is the second largest local news publisher in the U.S. behind Gannett. Alden published a full-page ad in Sunday’s edition of the Chicago Tribune to express interest in acquiring the employee-owned Daily Herald, which covers the city’s northwest, northern and western suburbs.
“We, at the Chicago Tribune, can pay the highest price to acquire Paddock, 30% more than anyone else,” the ad read. “We can also offer the best employment terms for Paddock’s employees. If you are an equity holder of Paddock through ESOP (Employee Stock Ownership Plan), you will be the direct beneficiary of the highest and best sale terms.”
