SEC filings today show the completion of Alden Global Capital’s acquisition of Tribune Publishing. Shares of Tribune Company Common Stock were suspended from trading on the NASDAQ as the company is delisted from the market.
Philip G. Franklin, Richard Reck, Carol Crenshaw, Christopher Minnetian, Dana Goldsmith Needleman, Terry Jimenez and Randall Smith were removed from the Company’s board of directors and Heath Freeman was appointed a director of the Company. Mr. Freeman has served as the President of Alden Global Capital since 2014.
Additionally, Terry Jimenez was removed as CEO. Mr. Freeman was named President of the Company.
Heath Freeman Fact Box
- Age 41
- Was a founding member of Alden Global Capital
- Has served as President of Alden since 2014
- Specialized in mergers & acquisitions at Peter J. Solomon Company
- Vice Chairman of MNG Enterprises, Inc., owner of media properties such as The Denver Post, Mercury News, Orange County Register and the Boston Herald
- Graduated with a Bachelor of Arts degree from Duke University in 2002
Newspaper Powerhouse
Alden owns MediaNewsGroup, which operates 200 publications. Titles include the Denver Post, Mercury News, Orange County Register and Boston Herald. The firm now adds Tribune Publishing. Tribune, briefly known as tronc, was a media company which owned local media businesses in eight markets. Tribune newspapers include the Chicago Tribune, New York Daily News, Baltimore Sun and Orlando Sentinel.
Alden now controls 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.
Alden should be able to quickly find synergies with Tribune properties. That includes duplicative positions in support functions like Finance, HR and Marketing.
