This is the statement the Tribune joint bargaining team read and submitted to Tribune Publishing representatives at the table this morning regarding Alden Global Capital purchasing a significant stake in our company. pic.twitter.com/AMLfDYg2IL
— Erin Hegarty (@erin_hegarty) November 20, 2019
Hopefully, this type of reporting continues despite the 25 percent stake a private-equity firm bought in Tribune Publishing. https://t.co/Hfd610gpwc
— T Dog Media (@tdogmedia) November 20, 2019
The joint Guild bargaining committee today handed to Tribune Publishing representatives a statement regarding news that a vicious hedge fund now owns a large stake of our company. pic.twitter.com/8JtAHTcSmf
— Todd Lighty (@ToddLighty) November 20, 2019
My colleagues and I handed this to representatives of @tribpub following the news of Alden Capital’s purchase of a quarter of the company’s shares.
We are here to protect our newsrooms and serve or communities, and we are committed to that no matter who we are answering to. pic.twitter.com/nUEBVdryFr
— Ryan Murphy (@JournoMurph) November 20, 2019
Sam Zell drove @chicagotribune into bankruptcy. Peter Liguori sold off Tribune Tower and other assets.
Michael Ferro just sold his @tribpub shares to a predatory hedge fund after fleecing millions from the company.
Yet we persist. @CTGuild
— Michael Hawthorne (@scribeguy) November 20, 2019
Clari: Liguori took Tribune Tower and other assets. "Sold" implies we got something. All he left us was a fleet of aged pool cars.
— Steve Johnson (@StevenKJohnson) November 20, 2019
In one week, Ferro closed Hoy, looted millions for himself & friends, then sold to a hedge fund being investigated by the feds. Any one of those seem to be enough impetus to strike/walkout.
— CPS Parent (@ParentCps) November 20, 2019
Alden Capital doesn’t seem to be the type of outfit that’s going to care much, sadly.
— Sunshine HappyPants (@SunshineHappyP1) November 20, 2019
Last week, @tribpub announced the end of @hoy_media, despite the fact that 1/3 of Chicago residents are Latinx. Discontinuing HOY is “not about me losing a job, it’s a loss for a whole community,” @LAURA_N_ROD says. #LatinaEqualPay #MoreLatinosInNews pic.twitter.com/hTqjv7N0ur
— NewsGuild (@news_guild) November 20, 2019
What could be worse than having despised tycoon Michael Ferro as leading shareholder of @TribPub? Employees of @ChicagoTribune are about to find out. https://t.co/gyo0O4xb24 pic.twitter.com/qWuPWvDqi5
— Robert Feder (@RobertFeder) November 20, 2019
They already did, last week the Tribune announced that HOY newspaper, which is also owned by the Tribune, will be shut down on December 13. HOY employees also work for the Tribune but of course, nobody cares about them.
— alejandra moran (@alelimoran) November 20, 2019
.@tribpub is straight garbage. https://t.co/39W7rg0Y0n
— Allison Bourg Sauntry (@allisonsauntry) November 20, 2019
Well because @virginianpilot asked, no. I have only seen my take-home pay decrease under @tribpub. https://t.co/y2NiiNiZ24
— Brock Vergakis (@BrockVergakis) November 20, 2019
Without @baltimoresun’s outstanding reporting, the Catherine Pugh and Gun Trace Task Force stories-crucial revelations of corruption in this city-might have slipped under the rug. Please protect our local journalists, @tribpub. We need them so much. https://t.co/iB8ua7wTvq
— kristin hanson (@ksimonetti) November 20, 2019
Hey @tribpub : Local journalism is important to me. The @mcall does excellent investigative reporting that's critical to our community.
— Meghan Kita (@meghgrace) November 20, 2019
Good morning, @tribpub pic.twitter.com/AUMBSe25Ft
— Mary Grace Keller (@MaryGraceKeller) November 20, 2019
I shudder to think what this outfit could do to my former employer @chicagotribune if given a free hand by @tribpub board. Michael Ferro sells Tribune Publishing stake to Alden Global Capital – Chicago Sun-Times https://t.co/nWfXQEv8F1
— robert reed (@rreedbiz) November 20, 2019
Note: I also am at work.
What incredibly dedicated people I work with. You have to pull them away from their work.
So you will never convince me that it is okay for @tribpub to repeatedly take company profits and give them to shareholders . It is greedy, unethical and cruel https://t.co/5gakGHlZgu
— Dawn Rhodes (@rhodes_dawn) November 20, 2019
Grim news at the Chicago Tribune today. https://t.co/au6l0KY0Mb
— Josh Noel (@hopnotes) November 20, 2019
Our new largest investor, which "specializes in distressed investments," has "developed a reputation for fiscal austerity, implementing sweeping layoffs at the Denver Post and other newspaper holdings as print advertising declines in the face of digital competition."
— Josh Noel (@hopnotes) November 20, 2019
"The Tribune Publishing Board of Directors looks forward to working with Alden to enhance our company’s value as the company continues to provide valuable journalism for our customers and communities."
Was struck by mention of "company's value" ahead of "valuable journalism."
— Josh Noel (@hopnotes) November 20, 2019
This is much of why we unionized and why we are demanding a fair contract that values journalists and journalism from @tribpub.
Yes, demanding. It's enough.
— Josh Noel (@hopnotes) November 20, 2019
— Josh Noel (@hopnotes) November 20, 2019
What a cynical, avaricious newspaper steward Michael Ferro has been. In the words of a former Tribune colleague, a “tragic coup de grace.” https://t.co/Ofm9v445pl
— Ann Marie Lipinski (@AMLwhere) November 20, 2019
We survived Zell, Michaels and Abrams.
We survived bankruptcy.
We survived Dennis FitzSimons and Peter Ligouri
We survived Tronc.
We survived the split of TV and the papers.
We will not survive this.— Candy Thomson (@CandyThomson1) November 20, 2019
So Ferro in 2016 spent $44.4M to buy Trib shares. You know what he left with 3 years later. For whatever sins they committed, Trib had to suffer this joker after Sam Zell’s zoo crew, which of course, was supposed to be a lifeline from Fitzsimon’s train wreck. Tragic.
— Tim Darragh (@tmdarragh) November 20, 2019
Readers: please demand @tribpub do everything it can to stop these vultures from destroying newsrooms across the country. You deserve so much better than Alden Global Capital. #SaveLocalNews https://t.co/67oI4S2jgK
— Sarah M. Wojcik ☀️ (@Sarah_M_Wojcik) November 20, 2019
Here's a column on Alden Global Capital, the company that just bought Michael Ferro's 25.2% interest in Tribune publishing (the writer calls Alden a "destroyer of newspapers"), making it the largest shareholder: https://t.co/BefzhBePst
— Hal Dardick (@ReporterHal) November 19, 2019
“Ferro just sold all 9 million of his shares — or 25 percent of [Tribune Publishing] — to the New York-based hedge fund Alden Global Capital. That’s the same slash-and-burn outfit that wrecked the Denver Post and other newsrooms across the country.”
This is bad. https://t.co/UhY2ht0mST— "It's chaos. Be kind." — Michelle McNamara (@beth4158) November 20, 2019
Michael Ferro, ridiculed for failed attempt to turn Tribune Publishing into Tronc, took a $15 million consulting fee and rewarded for all that by its board, sells to vulture capitalist Alden for less than the Gannett deal he turned down https://t.co/0gymeZL3Xv
— Robert McCoppin (@RobertMcCoppin) November 20, 2019
The company that owns The Mercury, The Boston Herald, The Denver Post and the San Jose Mercury News, and decimated them, just bought a majority share of Tribune Publishing, which publishes The Chicago Tribune. Be afraid. Be very afraid. @dfmworkers @PhillyNewsGuild @news_guild https://t.co/FqEajM13QD
— Evan Brandt (@PottstownNews) November 20, 2019
This should be criminal ;
Tribune Publishing’s largest shareholder Michael Ferro sells 25% stake to hedge fund Alden Capital https://t.co/g9EzWq6UBt— Frank Blethen (@fblethen) November 20, 2019
Important folks. This is the company that just bought a huge chunk of stock. If you value your local news, tweet @tribpub and let them know. @news_guild @dfmworkers #SaveLocalNews https://t.co/sbL7lQvfvN
— Jennifer W. Sheehan 😷 (@jenwsheehan) November 20, 2019
Michael Ferro, the pseudo tech bro who dreamed up Tronc and got metooed out of the company, just sold his share of Tribune Publishing like a used jet ski. https://t.co/SKeeFDhLCE
— Peter Hall (@phall215) November 20, 2019
Michael Ferro's unsuccessful years-long effort to "reinvent" journalism ends with a whimper. He sells his Tribune Publishing stake for $13 a share to Alden Capital, $2 less than Gannett bid for the co. more than 2 years ago https://t.co/olcVUYwbAp
— Steve Daniels (@stevedaniels27) November 20, 2019
And Ferro's legacy? Alden Capital, which bought his shares and is now Tribune Publishing's largest owner and will have 2 seats on the board, is best known for shredding newsrooms to confetti. See @denverpost
— Steve Daniels (@stevedaniels27) November 20, 2019
Alden Global Capital, the “destroyer of newspapers” hedge fund that decimated Denver Post & so many other local newspapers w/ brutal layoffs, is now Tribune Publishing’s largest shareholder.
Daily reminder: Journalists should own the news. NOT hedge funds.https://t.co/KA8IIp0mt7
— Stephanie Lulay (@slulay2) November 20, 2019
Union representing Chicago Tribune editorial employees weighs in on sale of largest stake in Tribune Publishing to Alden Global. (They’re not fans.) pic.twitter.com/U0RHMt0G1p
— David Folkenflik (@davidfolkenflik) November 20, 2019
Disgraced failed media goon and alleged sexual harasser Michael Ferro sells his 25% stake in Tribune Publishing to hedge fund vultures Alden Global Capital. Not great. https://t.co/HEmUMXFmwS
— Alex Parker (@AlexParker) November 20, 2019
Michael Ferro walks away with $117M for selling his shares of Tribune Publishing to a hedge fund with a history of buying and then pillaging news companies.
Meanwhile, my salary hasn't changed since May 2015.https://t.co/gysedqBzr2
— Pamela Wood☀️ (@pwoodreporter) November 19, 2019
The news that Alden is now the biggest @tribpub shareholder only makes us more grateful that some of our best people are fighting for a contract that protects our members to the fullest extent possible. https://t.co/Bc2vj85aTn
— Chicago Tribune Guild (@CTGuild) November 20, 2019
A union and a contract exist to protect you from the mistakes and abuses of owners and managers. Let’s get a fair contract as soon as we can, @tribpub.
— Chicago Tribune Guild (@CTGuild) November 20, 2019
the problem is we're short staffed. we have been cut to the bone. we would LOVE to do a better job but our hands are tied by a total lack of investment by tribune
— Jennifer W. Sheehan 😷 (@jenwsheehan) November 20, 2019
THREAD: Tribune Publishing has announced in an email that Alden Global Capital is now a majority stockholder in the company….. pic.twitter.com/r2X2zqshFv
— The Morning Call Guild ☀️ (@mcallguild) November 19, 2019
From Tim Knight: "A change of investor, even a large investor, will not have a direct impact on how we conduct our daily activities."…..
— The Morning Call Guild ☀️ (@mcallguild) November 19, 2019
Tim, we beg to disagree. Just search the hashtag #SaveLocalNews …..
— The Morning Call Guild ☀️ (@mcallguild) November 19, 2019
"While there will likely be chatter in the media about this transaction and what it might mean for the company, it is important that we all remain focused on our goals and that we finish 2019 in a strong position both journalistically and financially…"
— The Morning Call Guild ☀️ (@mcallguild) November 19, 2019
Started the day learning about restructuring — and layoffs — at my old paper. Finishing the day learning a hedge fund owns 25 percent of the company that owns my current paper. I can't stress how emotionally draining this is, day after day. We just want to do our jobs. https://t.co/z2HwccNbHf
— Sara Gregory (@saragregory) November 19, 2019
Don't condescend to me and tell me to "stay focused," Tim Knight. Create a working environment where me and my colleagues can do the journalism we were hired to do. We've been focused on that all along. Are you? Is @tribpub?
— Sara Gregory (@saragregory) November 19, 2019
The vultures at Alden Global Capital have decimated some of the best newsrooms in America, and now they're the largest shareholder in Tribune Publishing. This is so, so bad. https://t.co/KSwnwbyzPR
— Laura J. Nelson 🦅 (@laura_nelson) November 19, 2019
It feels like we're facing a future where a huge swath of the nation's newspapers will be decimated or closed because they're being gobbled up by venture capitalist and hedge funds that are just re-enacting the "I drink your milkshake" scene from "There Will Be Blood."
— Laura J. Nelson 🦅 (@laura_nelson) November 19, 2019
Alden Global Capital has acquired a 25% stake in Tribune Publishing, and CEO Tim Knight wants us to stay focused.
Right now, we can’t help but focus on whether cash dividends, as opposed to investment in newsrooms, might have served as catnip for Alden? pic.twitter.com/xMvfjkEO9n
— Baltimore Sun Guild ☀️ (@baltsunguild) November 19, 2019
No shit. Every single time one of these emails goes out my anxiety skyrockets. I took off the last few days to move into the home I just bought. Was excited to get back to work tomorrow. This will be all anyone will be talking about tho. Way to go, @tribpub. Super excited. 🙄 https://t.co/dNaxs3WpT7
— Amy Poulter (@AmyKPoulter) November 19, 2019
Alden Global Capital owns the newspapers in Pottstown and Reading, Pennsylvania, and now has a majority stake in Tribune Publishing, which owns the Allentown Morning Call. All papers within an hour radius of one another. @MercuryX @ReadingEagle @mcall https://t.co/d4YJGRPtqo
— Sarah Mearhoff (@sarah_mearhoff) November 19, 2019
Alden Global Capital, which earlier this year waged a hostile attempt to take over Gannett and has earned a reputation for steep cost cuts at its newspapers, has acquired 25.2% of Tribune Publishing Company, Tribune just disclosed minutes ago.
— Nathan Bomey (@NathanBomey) November 19, 2019
Alden Global Capital buying Michael Ferro's 25% stake in Tribune Publishing is like if someone picked the "kill five people" solution to the trolley problem.https://t.co/p2AxEvj0RT pic.twitter.com/Fl2xjJlMif
— Matt Pearce 🦅 (@mattdpearce) November 19, 2019
Well, I really don't get it. Alden Global buys 1/4 interest in Tribune Publishing Co., buying out the stake of Michael Ferro and affiliated Merrick Ventures. Ferro era, not great for customers and employees, but Alden era? Bound to be worse. https://t.co/NaIpZue9Ws
— Lee Schafer (@LeeASchafer) November 19, 2019
Here's a column on Alden Global Capital, the company that just bought Michael Ferro's 25.2% interest in Tribune publishing (the writer calls Alden a "destroyer of newspapers"), making it the largest shareholder: https://t.co/BefzhBePst
— Hal Dardick (@ReporterHal) November 19, 2019
Prob. not good. "As a result of the purchase, Alden is now the company’s largest shareholder. The Tribune Publishing Board of Directors is in discussions with Alden to put two members on the Board in connection with increasing the size of the Board from six to eight."
— Jon precocious turkey, prescient Goose Kelvey (@JonKelvey) November 19, 2019
Alden Global Capital just bought 25 percent of Tribune Publishing. Even in an industry flooded with bad owners, this is awful news. Alden gutted the Denver Post, among many other papers.
— Gregory Pratt (@royalpratt) November 19, 2019
After years of reading about Alden Global Capital decimating newspapers, now getting company email saying Alden has acquired a 25 percent stake in Tribune Publishing pic.twitter.com/0q1CLyTJOz
— Justin Fenton (@justin_fenton) November 19, 2019
I had a near-breakdown in the drive-thru line at Cookout tonight reading the email. All I want to do is practice good journalism, but that's really hard right now. I really hope @tribpub considers the human cost of all this. I'm still waiting on that. https://t.co/jQHWooypIa
— Trevor Metcalfe (@TrevorEMetcalfe) November 19, 2019
Why you should care about this: Alden has sucked papers dry of cash and left them dead. This is horrible news for all of us. Readers, fight for your local newspapers. https://t.co/8e2rjPnNzu
— Jennifer W. Sheehan 😷 (@jenwsheehan) November 19, 2019
With pleasure. Just give me a bit to work up my wording. I was a long-term subscriber to The Morning Call. Chose not to renew in mid-2017 because not enough local reporting made it into print. I get better local content from the reporters' Twitter feeds lately.
— Oreo Teeth (@oreoteeth) November 19, 2019