(Reuters) - Tribune Publishing Co’s largest shareholder, Alden Global Capital, said on Thursday it had offered to take full control of the owner of the Chicago Tribune in a deal that values the company at $520.6 million.
Alden, known for its hostile takeover bids of publishing companies, has a stake of 32% stake in Tribune.
The hedge fund’s offer valued the newspaper chain at $14.25 per share, representing a premium of 11.4% to the company’s shares last closing price.
The newspaper chain, owner of 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.
A study published last month found that print newspapers saw a decline in their overall consumer reach amid the health crisis.
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