Tribune said it no longer thinks it likely Stewart Bainum Jr.’s effort will result in a “superior proposal” to that of Alden Global Capital and has closed the books to other potential investors.
A Maryland hotel magnate who had a deal to buy The Baltimore Sun is now weighing a bid for all of Tribune’s newspapers that could thwart a hedge fund’s plan.
Journalists at newspapers across the United States were despondent Tuesday when they learned their parent company would be sold to Alden Global Capital, a hedge fund notorious for gutting newsrooms. But at their sister paper, the Baltimore Sun, people were celebrating an apparent reprieve. The Sun was not bound for the hedge-fund chopping block like several other papers owned by Tribune Publishing. Instead, a Maryland business executive and philanthropist plans to buy Baltimore’s nearly 184-year-old newspaper and preserve it as a nonprofit.