Davis Polk is advising the special committee of Tribune Publishing Company on the acquisition by Alden Global Capital of the outstanding shares of Tribune common stock it does not own for $17.25 per share in cash. The transaction is expected to close in the second quarter of 2021, subject to the expiration or termination of the applicable waiting periods under the HSR Act.
Headquartered in Chicago, Tribune Publishing operates local media businesses in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Hartford Courant, South Florida's Sun Sentinel and Orlando Sentinel, Virginia’s Daily Press and The Virginian-Pilot, and The Morning Call of Lehigh Valley, Pennsylvania. Founded in 2007 by Randall D. Smith, Alden Global Capital is a hedge fund based in New York.
The Davis Polk corporate team includes partner Harold Birnbaum and associate Elizabeth R. Diggs. Partners Andrew Ditchfield and Brian M. Burnovski are providing litigation advice. Partner Kyoko Takahashi Lin and associate John G. Curran are providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. The tax team includes partner William A. Curran. Partner Jesse Solomon is providing antitrust and competition advice. Partner Hilary Dengel is providing finance advice. Members of the Davis Polk team are based in the New York and Washington DC offices.