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Alden’s offer represents a premium of 45% to the closing price of Tribune common stock on Dec. 11, the publisher said in a statement.
The hedge fund, known for its hostile takeover bids of publishing companies, had a 32% stake in Tribune prior to the transaction.
Tribune Publishing, which also owns the New York Daily News and the Baltimore Sun, has seen a decline in revenue this year as the COVID-19 pandemic hammers the publishing industry.
The company’s board on Tuesday approved the buyout following a recommendation by a special committee it had formed in December to act on its behalf in respect of Alden’s offer.
Along with the buyout, Alden also signed a non-binding term sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr, according to Tribune’s statement.
The transaction is expected to close in the second quarter of 2021, the publisher said.
