Connecticut Attorney General William Tong sent a letter to Alden Global Capital. The letter seeks information regarding Alden’s potential acquisition of Tribune Publishing. Tong has standing in the matter since Connecticut’s Hartford Courant is owned by Tribune.
The letter is addressed to Health Freeman, President of Alden Global Capital. Michael Monticciolo, Alden’s Chief Legal Office is also included.
“I am deeply troubled by the reports that Alden Global Capital, a hedge fund with a history of decimating newspapers across the country, may be poised to take complete control of The Hartford Courant. The Courant is a crucial part of Connecticut’s media landscape and has already withstood countless devastating cuts to its staff and operations since Alden acquired a third of Tribune Publishing in 2019. The Courant deserves an owner who will invest in the critical journalism they produce instead of making draconian cuts to line the company’s own pockets.”
Connecticut Attorney General William Tong
Alden owns MediaNewsGroup, which operates 200 publications. Titles include the Denver Post, Mercury News, Orange County Register and Boston Herald.
Tribune, briefly known as tronc, is a media company which owns local media businesses in eight markets. Tribune newspapers, other than The Hartford Courant include The Chicago Tribune, New York Daily News, Baltimore Sun and Orlando Sentinel.
Together, Tribune and Alden would control media properties in half of the top 10 markets in the United States. This includes the three biggest media markets in the country, New York, Los Angeles and Chicago.
Tribune has shuttered several of its newspapers’ offices in 2020. Sites closed include the Lower Manhattan offices of the New York Daily News, the Hartford Courant offices and the newsrooms of at least 5 other newpapers. Tribune blamed the COVID-19 pandemic for the closures of physical offices.
The Attorney General’s office says Tong is trying to assess “the potential competitive ramifications of the transaction.” They want to know Alden’s plans for investing in and strengthening Tribune’s news organizations and any plans to sell or close them.
Attorney General Tong asks five questions, which are all pretty straightforward:
- Identify the Connecticut media properties in which Tribune Publishing has an ownership interest, including print, electronic, and broadcast
- Identify any media properties in which Alden Global Capital and MediaNewsGroup have an ownership interest that serve Connecticut communities, including print, electronic, and broadcast properties
- Identify any printing presses owned and operated by Tribune Publishing, Alden Global Capital, or MediaNewsGroup that serve communities in Connecticut
- Provide the print subscriber circulation numbers and advertising revenue in Connecticut separately for the Tribune Publishing, Alden Global Capital, and MediaNewsGroup entities
- Identify any broadcast licenses that Tribune Publishing, Alden Global Capital, or MediaNewsGroup hold that serve communities in Connecticut
