Alden Global Capital

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Alden Global Capital is a private equity firm based in Manhattan, New York City, with a focus on newspapers. It was founded in 2007 by Randall D. Smith, and is a division of Smith Management LLC. Its managing director is Heath Freeman. By mid-2020, Alden had stakes in roughly 200 American newspapers. The company added more newspapers to its portfolio in May 2021 when it purchased Tribune Publishing and became the second largest newspaper publisher in the United States. The company operates its media holdings through Digital First Media, which it acquired in 2010 after DFM's parent company, MediaNews Group, declared bankruptcy. With its acquisition of Tribune Publishing in May 2021, Alden is collectively the second-largest owner of newspapers in the United States, as calculated by average daily print circulation, second only to Gannett. In November 2021, Alden Global Capital made an offer to purchase Lee Enterprises for $24 a share in cash, or about $141 million. Lee owns daily newspapers...

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